SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.4% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 0.4% during trading on Friday . The company traded as low as $4.79 and last traded at $4.82. Approximately 3,136,914 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 34,456,297 shares. The stock had previously closed at $4.84.

Analysts Set New Price Targets

SOUN has been the subject of several research analyst reports. Northland Securities increased their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Up 1.4 %

The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.73. The business’s 50-day moving average is $4.81 and its two-hundred day moving average is $4.75.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. The company’s revenue for the quarter was up 53.8% on a year-over-year basis. As a group, analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 in the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI during the second quarter valued at about $28,000. Hexagon Capital Partners LLC acquired a new position in SoundHound AI during the first quarter worth $29,000. International Assets Investment Management LLC acquired a new position in SoundHound AI during the second quarter worth $31,000. HighPoint Advisor Group LLC purchased a new position in shares of SoundHound AI during the fourth quarter worth $37,000. Finally, Amalgamated Bank grew its stake in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.