SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.5% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 0.5% during mid-day trading on Tuesday . The company traded as low as $7.80 and last traded at $8.08. 5,916,344 shares changed hands during trading, a decline of 87% from the average session volume of 46,193,543 shares. The stock had previously closed at $8.12.

Wall Street Analysts Forecast Growth

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

SoundHound AI Trading Up 5.6 %

The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -24.06 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s fifty day moving average is $11.36 and its 200 day moving average is $10.65.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Equities analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 51,196 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now owns 638,456 shares in the company, valued at approximately $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now owns 669,834 shares in the company, valued at $6,631,356.60. The trade was a 4.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last quarter. 12.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. boosted its holdings in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC lifted its stake in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of SoundHound AI in the 4th quarter valued at about $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI during the 4th quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $40,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.