SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.9% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) fell 0.9% on Wednesday . The company traded as low as $18.85 and last traded at $20.24. 54,489,000 shares traded hands during trading, an increase of 34% from the average session volume of 40,709,250 shares. The stock had previously closed at $20.43.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SOUN shares. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. 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 research note on Monday. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Stock Performance

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 stock has a market capitalization of $8.96 billion, a PE ratio of -67.31 and a beta of 3.03. The firm’s 50 day moving average is $10.29 and its two-hundred day moving average is $6.67.

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

Insider Transactions at SoundHound AI

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

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Carnegie Investment Counsel acquired a new position in SoundHound AI in the third quarter valued at approximately $4,193,000. Geode Capital Management LLC increased its stake 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. FMR LLC raised its holdings in SoundHound AI by 112.8% during the third quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after purchasing an additional 25,989 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of SoundHound AI during the 3rd quarter worth approximately $305,000. 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.