SoundHound AI (NASDAQ:SOUN) Shares Down 6.3% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 6.3% during mid-day trading on Thursday . The stock traded as low as $7.34 and last traded at $7.46. Approximately 25,096,397 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 27,373,816 shares. The stock had previously closed at $7.96.

Analyst Ratings Changes

Several equities analysts recently weighed in on SOUN shares. DA Davidson set a $14.00 target price on shares of SoundHound AI in a report on Thursday, January 8th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped 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 given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.07.

SoundHound AI Stock Performance

The company’s fifty day simple moving average is $10.29 and its two-hundred day simple moving average is $13.17. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -8.88 and a beta of 2.64.

Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 144,326 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $1,627,997.28. Following the transaction, the chief executive officer directly owned 2,198,287 shares in the company, valued at $24,796,677.36. This trade represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Majid Emami sold 32,741 shares of SoundHound AI stock in a transaction 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 directly owned 532,845 shares of the company’s stock, valued at approximately $5,680,127.70. This represents a 5.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 460,922 shares of company stock valued at $5,199,073 over the last 90 days. Corporate insiders own 9.17% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Y Intercept Hong Kong Ltd acquired a new stake in shares of SoundHound AI in the second quarter worth about $3,696,000. Kieckhefer Group LLC increased its holdings in shares of SoundHound AI by 47.2% during the 3rd quarter. Kieckhefer Group LLC now owns 259,000 shares of the company’s stock valued at $4,165,000 after acquiring an additional 83,000 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of SoundHound AI by 14.0% in the 2nd quarter. Osaic Holdings Inc. now owns 498,691 shares of the company’s stock valued at $5,351,000 after acquiring an additional 61,212 shares in the last quarter. Sigma Planning Corp boosted its position 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 purchasing an additional 75,113 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in SoundHound AI by 252.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 218,868 shares of the company’s stock worth $3,519,000 after purchasing an additional 156,835 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.