SoundHound AI (NASDAQ:SOUN) Stock Price Down 12.3% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 12.3% during trading on Tuesday . The stock traded as low as $8.92 and last traded at $9.05. Approximately 27,468,656 shares traded hands during trading, a decline of 36% from the average daily volume of 42,812,396 shares. The stock had previously closed at $10.32.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SOUN shares. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, DA Davidson raised their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Price Performance

The firm has a fifty day moving average of $14.99 and a 200 day moving average of $9.99. The company has a market capitalization of $3.82 billion, a P/E ratio of -27.00 and a beta of 2.56. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. The trade was a 16.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Ming Hom sold 53,891 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $10.00, for a total value of $538,910.00. Following the sale, the insider now owns 813,193 shares of the company’s stock, valued at approximately $8,131,930. This represents a 6.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,628,851 shares of company stock worth $44,084,637. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $544,000. United Advisor Group LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at about $379,000. Mackenzie Financial Corp lifted its position in shares of SoundHound AI by 14.5% during the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock valued at $413,000 after buying an additional 2,643 shares in the last quarter. Sunbelt Securities Inc. lifted its position in shares of SoundHound AI by 153.1% during the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock valued at $90,000 after buying an additional 2,755 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at about $88,000. 19.28% of the stock is currently owned by institutional investors.

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.