SoundHound AI (NASDAQ:SOUNW) Stock Price Down 6.8% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUNW)’s share price was down 6.8% during mid-day trading on Thursday . The company traded as low as $7.51 and last traded at $7.54. Approximately 24,727 shares were traded during trading, a decline of 74% from the average daily volume of 93,531 shares. The stock had previously closed at $8.09.

SoundHound AI Trading Down 6.8%

The business’s 50-day moving average is $7.42 and its 200-day moving average is $5.67.

SoundHound AI (NASDAQ:SOUNW) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter. The firm had revenue of $6.71 million for the quarter.

Institutional Investors Weigh In On SoundHound AI

A hedge fund recently raised its stake in SoundHound AI stock. Wolverine Asset Management LLC grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUNW) by 30.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,399 shares of the company’s stock after buying an additional 4,034 shares during the quarter. Wolverine Asset Management LLC’s holdings in SoundHound AI were worth $125,000 at the end of the most recent reporting period.

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.