SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.9% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price fell 2.9% during trading on Thursday . The company traded as low as $11.25 and last traded at $11.29. 52,458,454 shares changed hands during mid-day trading, an increase of 15% from the average session volume of 45,572,676 shares. The stock had previously closed at $11.63.

Wall Street Analyst Weigh In

SOUN has been the topic of several recent research reports. Northland Capmk upgraded SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Oppenheimer started coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They set a “market perform” rating on the stock. Wedbush restated an “outperform” rating and issued a $16.00 target price on shares of SoundHound AI in a report on Thursday, September 11th. Northland Securities raised shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target for the company in a research note on Friday, August 8th. Finally, HC Wainwright increased their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.42.

SoundHound AI Stock Down 0.6%

The stock’s 50 day moving average price is $16.32 and its 200-day moving average price is $13.16. The stock has a market capitalization of $4.57 billion, a PE ratio of -13.36 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The firm’s revenue for the quarter was up 67.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, VP Majid Emami sold 41,167 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $823,340.00. Following the transaction, the vice president owned 608,186 shares of the company’s stock, valued at approximately $12,163,720. This represents a 6.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 118,654 shares of the firm’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $2,373,080.00. Following the transaction, the chief executive officer owned 2,342,613 shares in the company, valued at approximately $46,852,260. This represents a 4.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 787,260 shares of company stock valued at $13,973,056 in the last ninety days. Corporate insiders own 9.17% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its position in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after purchasing an additional 1,060 shares during the period. Danske Bank A S purchased a new position in SoundHound AI during the third quarter valued at approximately $26,000. Advisors Asset Management Inc. raised its stake in SoundHound AI by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after buying an additional 1,023 shares in the last quarter. Investors Research Corp lifted its holdings in SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after buying an additional 700 shares during the period. Finally, AlphaQuest LLC bought a new stake in SoundHound AI during the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.