SoundHound AI (NASDAQ:SOUN) Stock Price Down 5.4% – Should You Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 5.4% during trading on Monday . The stock traded as low as $7.76 and last traded at $8.05. Approximately 9,028,974 shares traded hands during trading, a decline of 76% from the average daily volume of 38,054,833 shares. The stock had previously closed at $8.50.

Analysts Set New Price Targets

SOUN has been the subject of several research analyst reports. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Price Performance

The company has a 50-day moving average of $11.79 and a two-hundred day moving average of $10.61. 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 stock has a market capitalization of $3.24 billion, a PE ratio of -22.60 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS 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 company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the transaction, the director now owns 138,850 shares in the company, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 51,196 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the sale, the insider now directly owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in SOUN. Kieckhefer Group LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $3,432,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI during the 4th quarter valued at about $8,964,000. Geode Capital Management LLC grew its position in shares of SoundHound AI by 9.1% in the 3rd 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 period. Finally, Wealth Effects LLC bought a new stake in SoundHound AI during the 4th quarter worth approximately $357,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.