SoundHound AI (NASDAQ:SOUN) Trading Down 3.6% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 3.6% during trading on Tuesday . The company traded as low as $8.60 and last traded at $8.63. Approximately 13,990,417 shares changed hands during trading, a decline of 60% from the average daily volume of 35,332,191 shares. The stock had previously closed at $8.95.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SOUN shares. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright lifted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Stock Down 3.6 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.19 billion, a PE ratio of -23.97 and a beta of 3.03. The company’s fifty day moving average is $5.84 and its 200-day moving average is $5.13.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) earnings per share. On average, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the transaction, the director now owns 110,907 shares of the company’s stock, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction 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 2.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 337,275 shares of company stock valued at $1,811,044. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the business. Oppenheimer & Co. Inc. raised its stake in SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the period. Integrated Wealth Concepts LLC grew its holdings in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after buying an additional 1,975 shares in the last quarter. Genesee Capital Advisors LLC lifted its holdings in shares of SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after buying an additional 2,000 shares in the last quarter. Signaturefd LLC boosted its position in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

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.