SoundHound AI (NASDAQ:SOUN) Shares Down 3.9% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 3.9% on Tuesday . The company traded as low as $7.88 and last traded at $7.90. Approximately 25,164,074 shares traded hands during trading, a decline of 7% from the average daily volume of 27,039,322 shares. The stock had previously closed at $8.22.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several recent research reports. DA Davidson set a $14.00 target price on shares of SoundHound AI in a report on Thursday, January 8th. Piper Sandler reissued a “neutral” rating and set a $9.00 price target (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Finally, HC Wainwright cut their price objective on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.93.

SoundHound AI Stock Down 3.9%

The firm’s 50-day moving average is $9.27 and its two-hundred day moving average is $12.64. The stock has a market cap of $3.32 billion, a P/E ratio of -157.97 and a beta of 2.65.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). The business had revenue of $55.06 million during the quarter, compared to the consensus estimate of $53.88 million. SoundHound AI had a negative net margin of 8.71% and a negative return on equity of 3.63%. SoundHound AI’s quarterly revenue was up 59.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) EPS. Analysts anticipate 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 32,741 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $10.66, for a total transaction of $349,019.06. Following the completion of the transaction, the senior vice president owned 532,845 shares in the company, valued at $5,680,127.70. This trade represents a 5.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 144,326 shares of the business’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 $1,627,997.28. Following the completion of the sale, the chief executive officer owned 2,198,287 shares in the company, valued at $24,796,677.36. This represents a 6.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 460,922 shares of company stock valued at $5,199,073 in the last quarter. 9.17% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in SOUN. SHP Wealth Management acquired a new position in SoundHound AI during the 4th quarter valued at about $27,000. Virtu Financial LLC raised its holdings in shares of SoundHound AI by 43.9% in the fourth quarter. Virtu Financial LLC now owns 219,773 shares of the company’s stock valued at $2,191,000 after purchasing an additional 67,088 shares during the last quarter. Alpine Woods Capital Investors LLC raised its holdings in SoundHound AI by 143.0% during the fourth quarter. Alpine Woods Capital Investors LLC now owns 50,742 shares of the company’s stock worth $506,000 after acquiring an additional 29,857 shares in the last quarter. Vident Advisory LLC lifted its stake in SoundHound AI by 16.2% in the fourth quarter. Vident Advisory LLC now owns 27,840 shares of the company’s stock valued at $278,000 after acquiring an additional 3,875 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new position in shares of SoundHound AI in the 4th quarter valued at about $146,000. 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.