SoundHound AI (NASDAQ:SOUN) Shares Down 1.1% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 1.1% during trading on Monday . The company traded as low as $12.05 and last traded at $12.42. Approximately 12,934,236 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 41,128,297 shares. The stock had previously closed at $12.56.

Analyst Ratings Changes

A number of brokerages have issued reports on SOUN. Wedbush upped their target price on SoundHound AI from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Wall Street Zen downgraded SoundHound AI from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective on the stock in a research note on Friday, August 8th. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.36.

SoundHound AI Price Performance

The stock has a market cap of $5.05 billion, a P/E ratio of -19.69 and a beta of 2.57. The company has a fifty day moving average of $11.72 and a 200 day moving average of $10.44.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The firm had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. During the same period in the prior year, the business earned ($0.11) EPS. The company’s quarterly revenue was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Nitesh Sharan sold 111,111 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,039,998.96. Following the transaction, the chief financial officer owned 1,442,900 shares of the company’s stock, valued at approximately $13,505,544. This trade represents a 7.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 132,352 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the sale, the vice president owned 537,482 shares in the company, valued at $5,396,319.28. This represents a 19.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 913,317 shares of company stock worth $8,679,813 over the last three months. Company insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. increased its holdings in shares of SoundHound AI by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock valued at $284,687,000 after acquiring an additional 3,028,281 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock valued at $40,390,000 after purchasing an additional 2,274,105 shares during the period. HRT Financial LP bought a new position in shares of SoundHound AI during the 2nd quarter worth about $11,914,000. Goldman Sachs Group Inc. lifted its stake in shares of SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after buying an additional 1,085,473 shares during the period. Finally, Nuveen LLC bought a new position in SoundHound AI during the first quarter valued at about $7,406,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

About SoundHound AI

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.