SoundHound AI (NASDAQ:SOUN) Shares Down 3.5% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 3.5% during trading on Friday . The company traded as low as $6.38 and last traded at $6.71. 23,123,466 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 33,775,773 shares. The stock had previously closed at $6.95.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities boosted their price objective 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, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Price Performance

The stock has a market cap of $2.58 billion, a P/E ratio of -18.46 and a beta of 2.71. The company has a 50 day simple moving average of $5.06 and a 200-day simple moving average of $4.86.

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

Insider Activity

In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 327,275 shares of company stock valued at $1,606,644. Corporate 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 SOUN. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the second quarter worth about $28,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $31,000. NBC Securities Inc. increased its stake in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the period. Amalgamated Bank raised its holdings 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 acquiring an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares during the period. Institutional investors 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.