SoundHound AI (NASDAQ:SOUN) Shares Down 2.6% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 2.6% during trading on Thursday . The company traded as low as $8.95 and last traded at $9.13. 6,043,229 shares were traded during mid-day trading, a decline of 84% from the average session volume of 38,168,922 shares. The stock had previously closed at $9.38.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SOUN. Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson boosted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, HC Wainwright reissued a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Performance

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 stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -25.24 and a beta of 2.62. The firm has a fifty day moving average of $12.00 and a 200-day moving average of $10.52.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business 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%. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $1,400,061.60. Following the completion of the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at $17,782,793.28. The trade was a 7.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Majid Emami sold 28,392 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the transaction, the vice president now owns 669,834 shares in the company, valued at approximately $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 over the last 90 days. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

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

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.