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

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 1.5% during mid-day trading on Monday . The stock traded as low as $11.46 and last traded at $11.57. 39,367,559 shares traded hands during trading, an increase of 31% from the average session volume of 30,008,520 shares. The stock had previously closed at $11.75.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HC Wainwright lifted their price objective on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Piper Sandler reduced their price target on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. DA Davidson set a $14.00 price target on SoundHound AI in a research report on Thursday. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $13.00 to $15.00 in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $16.07.

SoundHound AI Stock Down 1.5%

The stock has a market cap of $4.86 billion, a price-to-earnings ratio of -13.77 and a beta of 2.65. The stock’s 50 day moving average price is $11.81 and its two-hundred day moving average price is $13.56.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.06. The firm had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.SoundHound AI’s revenue for the quarter was up 67.6% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share. On average, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, SVP Majid Emami sold 42,600 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $480,528.00. Following the completion of the transaction, the senior vice president owned 565,586 shares in the company, valued at $6,379,810.08. This represents a 7.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael Zagorsek sold 73,406 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $828,019.68. Following the sale, the chief operating officer owned 1,787,459 shares of the company’s stock, valued at $20,162,537.52. The trade was a 3.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 492,965 shares of company stock worth $6,140,981 over the last quarter. Company insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd purchased a new stake in SoundHound AI during the second quarter worth approximately $3,696,000. Kieckhefer Group LLC increased its stake in SoundHound AI by 47.2% in the third quarter. Kieckhefer Group LLC now owns 259,000 shares of the company’s stock valued at $4,165,000 after purchasing an additional 83,000 shares during the last quarter. Osaic Holdings Inc. raised its holdings in SoundHound AI by 14.0% during the second quarter. Osaic Holdings Inc. now owns 498,691 shares of the company’s stock worth $5,351,000 after purchasing an additional 61,212 shares in the last quarter. Sigma Planning Corp lifted its position in shares of SoundHound AI by 238.1% during the 2nd quarter. Sigma Planning Corp now owns 106,661 shares of the company’s stock worth $1,144,000 after buying an additional 75,113 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of SoundHound AI by 8.9% in the 1st quarter. Rhumbline Advisers now owns 457,107 shares of the company’s stock valued at $3,712,000 after buying an additional 37,431 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.