SoundHound AI (NASDAQ:SOUN) Trading Down 7.9% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 7.9% on Friday . The stock traded as low as $13.30 and last traded at $13.84. Approximately 30,279,938 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 67,896,195 shares. The stock had previously closed at $15.02.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. HC Wainwright boosted their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Barclays reiterated a “neutral” rating and set 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 objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI Stock Down 5.8 %

The company’s fifty day simple moving average is $13.11 and its 200-day simple moving average is $7.72. The firm has a market capitalization of $5.23 billion, a PE ratio of -39.31 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.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) EPS. On average, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ST Germain D J Co. Inc. raised its position in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after acquiring an additional 750 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after purchasing an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in shares of SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after purchasing an additional 1,975 shares during the period. Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its stake in shares of SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares during the period. 19.28% of the stock is 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.