SoundHound AI (NASDAQ:SOUN) Stock Price Down 8% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 8% on Monday . The stock traded as low as $19.73 and last traded at $20.03. 41,639,182 shares were traded during trading, an increase of 3% from the average session volume of 40,440,020 shares. The stock had previously closed at $21.76.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright upped their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a report on Monday. DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Stock Down 0.9 %

The stock has a 50-day simple moving average of $9.61 and a two-hundred day simple moving average of $6.45. 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 firm has a market cap of $7.48 billion, a PE ratio of -56.22 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the previous year, the company posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. Analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % 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, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,258,242 shares of company stock valued at $34,752,649. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently added to or reduced their stakes in the company. Kings Path Partners LLC bought a new position in shares of SoundHound AI during the second quarter valued at about $28,000. NBC Securities Inc. raised its position in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC increased its stake in shares of SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after buying an additional 6,716 shares during the period. Finally, Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares during the period. 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.