SoundHound AI (NASDAQ:SOUN) Trading Down 1.1% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 1.1% during trading on Friday . The stock traded as low as $15.58 and last traded at $15.61. 16,702,308 shares traded hands during trading, a decline of 71% from the average session volume of 56,798,875 shares. The stock had previously closed at $15.78.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SOUN. Northland Securities upped 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 target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Trading Down 1.2 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a fifty day moving average of $16.23 and a 200-day moving average of $9.11. The firm has a market cap of $5.76 billion, a P/E ratio of -43.30 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $23.02 million. During the same period last year, the firm posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 88.7% compared to the same quarter last year. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Timothy Stonehocker sold 34,407 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the transaction, the chief technology officer now owns 796,581 shares in the company, valued at approximately $16,170,594.30. This trade represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 in the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the company. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI in the third quarter valued at approximately $4,193,000. Geode Capital Management LLC raised its position in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund bought a new position in SoundHound AI in the 4th quarter valued at approximately $8,964,000. Raymond James Financial Inc. bought a new stake in shares of SoundHound AI in the fourth quarter worth $6,830,000. Finally, UNICOM Systems Inc. acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $4,662,000. 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.