SoundHound AI (NASDAQ:SOUN) Trading Down 8.9% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 8.9% during trading on Thursday . The company traded as low as $7.26 and last traded at $7.35. 30,989,142 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 27,357,582 shares. The stock had previously closed at $8.07.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. HC Wainwright lifted their price target on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Piper Sandler dropped their price objective on shares of SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a report on Monday, January 5th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $13.00 to $15.00 in a report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $16.07.

SoundHound AI Trading Down 8.9%

The business’s fifty day moving average price is $10.85 and its 200 day moving average price is $13.36. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -8.75 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.06. The company had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. SoundHound AI’s revenue was up 67.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, SVP Majid Emami sold 42,600 shares of the firm’s stock in a transaction on 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 sale, the senior vice president directly owned 565,586 shares of the company’s stock, valued at approximately $6,379,810.08. This trade represents a 7.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael Zagorsek sold 73,406 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 $828,019.68. Following the completion of the sale, the chief operating officer owned 1,787,459 shares in the company, valued at approximately $20,162,537.52. This trade represents a 3.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 462,265 shares of company stock valued at $5,216,518. 9.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Y Intercept Hong Kong Ltd acquired a new stake in shares of SoundHound AI during the 2nd quarter worth $3,696,000. Kieckhefer Group LLC lifted its position in SoundHound AI by 47.2% during the third quarter. Kieckhefer Group LLC now owns 259,000 shares of the company’s stock worth $4,165,000 after purchasing an additional 83,000 shares during the period. Osaic Holdings Inc. grew its stake 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 buying an additional 61,212 shares in the last quarter. Sigma Planning Corp grew its stake in SoundHound AI by 238.1% during the second 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 in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in SoundHound AI by 252.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 218,868 shares of the company’s stock valued at $3,519,000 after buying an additional 156,835 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.