SoundHound AI (NASDAQ:SOUN) Trading Down 1.5% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 1.5% during trading on Tuesday . The company traded as low as $5.30 and last traded at $5.31. Approximately 4,234,233 shares changed hands during trading, a decline of 88% from the average daily volume of 34,187,785 shares. The stock had previously closed at $5.39.

Analyst Ratings Changes

Several brokerages have weighed in on SOUN. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Northland Securities boosted their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The company has a market cap of $1.64 billion, a P/E ratio of -13.11 and a beta of 2.73. The firm’s 50-day moving average is $4.89 and its two-hundred day moving average is $4.74.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company’s revenue was up 53.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) earnings per share. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 21,024 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock worth $1,606,644 over the last quarter. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently modified their holdings of SOUN. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI in the second quarter valued at approximately $28,000. Hexagon Capital Partners LLC bought a new position in shares of SoundHound AI during the 1st quarter worth $29,000. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI during the second quarter valued at $31,000. NBC Securities Inc. raised its holdings in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.