SoundHound AI (NASDAQ:SOUN) Shares Down 28.1% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was down 28.1% during mid-day trading on Monday . The company traded as low as $10.40 and last traded at $10.97. Approximately 176,466,981 shares traded hands during trading, an increase of 244% from the average daily volume of 51,269,032 shares. The stock had previously closed at $15.25.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SOUN shares. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of -30.47 and a beta of 2.56. The business’s 50-day moving average price is $16.62 and its two-hundred day moving average price is $9.56.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of SoundHound AI stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in SOUN. Ensign Peak Advisors Inc lifted its stake in SoundHound AI by 33.9% in the fourth quarter. Ensign Peak Advisors Inc now owns 178,546 shares of the company’s stock valued at $3,542,000 after buying an additional 45,246 shares during the last quarter. FORA Capital LLC bought a new stake in SoundHound AI in the fourth quarter valued at $1,696,000. Deutsche Bank AG lifted its stake in SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company’s stock valued at $5,249,000 after buying an additional 103,450 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in SoundHound AI in the fourth quarter valued at $16,421,000. Finally, EP Wealth Advisors LLC bought a new stake in SoundHound AI in the fourth quarter valued at $212,000. 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.