SoundHound AI (NASDAQ:SOUN) Shares Down 4.6% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 4.6% during trading on Tuesday . The stock traded as low as $9.41 and last traded at $9.61. 6,990,474 shares changed hands during trading, a decline of 83% from the average session volume of 39,967,389 shares. The stock had previously closed at $10.08.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of research reports. DA Davidson increased their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. HC Wainwright reiterated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.86.

SoundHound AI Price Performance

The firm has a market capitalization of $3.88 billion, a PE ratio of -27.39 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $12.27 and a 200 day moving average price of $10.32.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of the company's stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now owns 108,117 shares of the company's stock, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Kieckhefer Group LLC purchased a new position in SoundHound AI during the fourth quarter worth about $3,432,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after buying an additional 189,109 shares during the last quarter. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI during the 4th quarter worth approximately $8,964,000. Geode Capital Management LLC raised its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after buying an additional 602,311 shares during the period. Finally, Wealth Effects LLC acquired a new position in SoundHound AI in the fourth quarter valued at approximately $357,000. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.