SoundHound AI (NASDAQ:SOUN) Trading Down 2.4% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 2.4% during mid-day trading on Wednesday . The stock traded as low as $15.82 and last traded at $16.13. 32,074,810 shares changed hands during trading, a decline of 53% from the average session volume of 67,568,859 shares. The stock had previously closed at $16.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities raised their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Price Performance

The firm has a market capitalization of $5.86 billion, a PE ratio of -44.00 and a beta of 2.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business’s 50 day moving average is $14.72 and its two-hundred day moving average is $8.44.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter last year, the company posted ($0.09) EPS. The business’s quarterly revenue was up 88.7% on a year-over-year basis. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the stock. Carnegie Investment Counsel purchased a new position in SoundHound AI in the 3rd quarter worth approximately $4,193,000. Geode Capital Management LLC increased its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the period. Oriental Harbor Investment Fund bought a new stake in SoundHound AI during the 4th quarter valued at $8,964,000. Shellback Capital LP purchased a new stake in SoundHound AI during the 2nd quarter valued at $1,196,000. Finally, Squarepoint Ops LLC grew its holdings in SoundHound AI by 818.0% in the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after acquiring an additional 205,985 shares during the last quarter. 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.