SoundHound AI (NASDAQ:SOUN) Trading Down 0.9% - Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 0.9% on Monday . The company traded as low as $9.43 and last traded at $9.44. Approximately 6,635,762 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 37,860,673 shares. The stock had previously closed at $9.52.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson reduced their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $12.43.

SoundHound AI Stock Performance

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company's 50 day moving average is $9.02 and its 200-day moving average is $11.09. The company has a market capitalization of $3.78 billion, a P/E ratio of -26.32 and a beta of 2.73.

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

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. This represents a 5.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares in the company, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 over the last quarter. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Blue Trust Inc. raised its position in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC increased its holdings in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Orion Capital Management LLC purchased a new stake in SoundHound AI during the 4th quarter valued at approximately $30,000. Golden State Wealth Management LLC boosted its holdings in shares of SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in SoundHound AI in the fourth quarter worth $40,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.