SoundHound AI (NASDAQ:SOUN) Stock Price Down 4.9% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 4.9% on Tuesday . The stock traded as low as $6.15 and last traded at $6.15. Approximately 18,453,212 shares traded hands during trading, a decline of 35% from the average daily volume of 28,357,842 shares. The stock had previously closed at $6.47.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Sunday. Piper Sandler cut their price objective on SoundHound AI from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. DA Davidson reduced their target price on SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of SoundHound AI in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

SoundHound AI Trading Down 4.9%

The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of -16.18 and a beta of 2.66. The business has a 50 day simple moving average of $6.73 and a 200-day simple moving average of $7.28.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.11. The company had revenue of $61.90 million during the quarter, compared to the consensus estimate of $52.38 million. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The company’s quarterly revenue was up 45.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.19) EPS. Research analysts predict that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of SOUN. SHP Wealth Management acquired a new position in shares of SoundHound AI in the 4th quarter valued at $27,000. Hollencrest Capital Management grew its stake in shares of SoundHound AI by 197.5% during the 1st quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock valued at $25,000 after buying an additional 2,400 shares during the period. Vermillion Wealth Management Inc. increased its holdings in shares of SoundHound AI by 5,164.8% during the 4th quarter. Vermillion Wealth Management Inc. now owns 4,791 shares of the company’s stock worth $48,000 after buying an additional 4,700 shares during the last quarter. Clarus Group Inc. acquired a new stake in shares of SoundHound AI during the 1st quarter worth $69,000. Finally, 180 Wealth Advisors LLC purchased a new position in shares of SoundHound AI in the 1st quarter worth $69,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.