SoundHound AI (NASDAQ:SOUN) Stock Price Down 1% - Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 1% on Friday . The stock traded as low as $7.97 and last traded at $8.12. Approximately 4,287,365 shares changed hands during trading, a decline of 89% from the average daily volume of 37,912,732 shares. The stock had previously closed at $8.20.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SOUN. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. DA Davidson lowered their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, HC Wainwright restated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has a consensus rating of "Hold" and a consensus target price of $12.43.

SoundHound AI Price Performance

The company has a market cap of $3.25 billion, a P/E ratio of -22.64 and a beta of 2.73. The company's 50-day moving average price is $10.14 and its 200-day moving average price is $10.84. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

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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 analysts' consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction dated 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 transaction, the chief executive officer now owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. This trade represents a 5.87 % decrease in their ownership of the stock. The transaction 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 SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the transaction, the insider now owns 689,652 shares of the company's stock, valued at $6,827,554.80. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. Insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the company. Blue Trust Inc. increased its position in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC grew its stake in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after purchasing an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI during the 4th quarter worth about $40,000. Institutional investors own 19.28% of the company's stock.

About SoundHound AI

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.