SoundHound AI (NASDAQ:SOUN) Shares Down 1.9% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 1.9% during mid-day trading on Tuesday . The company traded as low as $7.04 and last traded at $7.32. Approximately 18,583,448 shares changed hands during trading, a decline of 31% from the average daily volume of 26,829,719 shares. The stock had previously closed at $7.46.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SOUN shares. Zacks Research raised SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $13.00 to $15.00 in a report on Friday, December 12th. DA Davidson set a $14.00 price objective on SoundHound AI in a research report on Thursday, January 8th. Finally, Piper Sandler decreased their target price on shares of SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.07.

SoundHound AI Stock Up 3.8%

The firm has a fifty day moving average of $9.91 and a 200-day moving average of $13.09. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of -9.32 and a beta of 2.64.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 73,406 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $828,019.68. Following the sale, the chief operating officer owned 1,787,459 shares of the company’s stock, valued at $20,162,537.52. This represents a 3.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Ming Hom sold 42,600 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $480,528.00. Following the transaction, the insider directly owned 803,383 shares of the company’s stock, valued at approximately $9,062,160.24. This trade represents a 5.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 460,922 shares of company stock worth $5,199,073. Insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after acquiring an additional 1,909,868 shares in the last quarter. Geode Capital Management LLC lifted its holdings in SoundHound AI by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock valued at $91,543,000 after purchasing an additional 273,097 shares in the last quarter. Morgan Stanley lifted its holdings in SoundHound AI by 48.1% in the 4th quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock valued at $89,606,000 after purchasing an additional 2,917,280 shares in the last quarter. State Street Corp boosted its stake in shares of SoundHound AI by 0.9% during the 4th quarter. State Street Corp now owns 8,691,235 shares of the company’s stock worth $86,652,000 after purchasing an additional 80,908 shares during the last quarter. Finally, UBS Group AG grew its holdings in shares of SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock worth $61,059,000 after buying an additional 2,676,707 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.