SoundHound AI (NASDAQ:SOUN) Trading Down 7% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUNGet Free Report) were down 7% on Tuesday . The company traded as low as $20.65 and last traded at $21.10. Approximately 24,088,212 shares traded hands during trading, a decline of 42% from the average daily volume of 41,203,910 shares. The stock had previously closed at $22.68.

Analyst Ratings Changes

SOUN has been the topic of several recent research reports. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright lifted their price objective on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.07.

Check Out Our Latest Analysis on SOUN

SoundHound AI Price 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 company has a market capitalization of $7.34 billion, a price-to-earnings ratio of -55.11 and a beta of 3.03. The stock’s 50-day moving average price is $11.60 and its 200-day moving average price is $7.15.

SoundHound AI (NASDAQ:SOUNGet Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 88.7% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction dated 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 directly owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. International Assets Investment Management LLC acquired a new stake in SoundHound AI in the 2nd quarter valued at approximately $31,000. NBC Securities Inc. lifted its position 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 worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank increased its stake in SoundHound AI by 108.0% in the 2nd 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 last quarter. Signaturefd LLC lifted its position in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after buying an additional 2,200 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after buying an additional 6,716 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Company Profile

(Get Free Report)

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.

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