SoundHound AI (NASDAQ:SOUN) Trading Down 1.3% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 1.3% during trading on Thursday . The company traded as low as $13.84 and last traded at $13.81. Approximately 11,974,969 shares were traded during trading, a decline of 81% from the average daily volume of 61,566,496 shares. The stock had previously closed at $13.99.

Wall Street Analysts Forecast Growth

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

SoundHound AI Trading Up 1.1 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.23 billion, a PE ratio of -39.31 and a beta of 2.63. The firm has a 50-day moving average price of $15.63 and a 200-day moving average price of $8.83.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS 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 company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the transaction, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. The trade was a 15.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund boosted its holdings in shares of SoundHound AI by 11.4% in the 4th quarter. New York State Common Retirement Fund now owns 90,962 shares of the company’s stock worth $1,805,000 after purchasing an additional 9,300 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in SoundHound AI during the fourth quarter valued at approximately $187,000. Sanctuary Advisors LLC raised its stake in shares of SoundHound AI by 48.8% during the fourth quarter. Sanctuary Advisors LLC now owns 44,618 shares of the company’s stock worth $885,000 after acquiring an additional 14,642 shares in the last quarter. Valmark Advisers Inc. purchased a new stake in SoundHound AI during the fourth quarter valued at about $217,000. Finally, Sheaff Brock Investment Advisors LLC boosted its holdings in SoundHound AI by 149.9% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 33,652 shares of the company’s stock valued at $668,000 after acquiring an additional 20,185 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.