SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.2% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 0.2% during mid-day trading on Friday . The stock traded as low as $10.82 and last traded at $10.88. Approximately 11,449,184 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 56,432,527 shares. The stock had previously closed at $10.91.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SOUN shares. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Performance

The company has a market cap of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a 50-day moving average price of $16.24 and a 200 day moving average price of $9.75.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 34,407 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $698,462.10. Following the sale, the chief technology officer now owns 796,581 shares of the company’s stock, valued at $16,170,594.30. This trade represents a 4.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the sale, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,752,918 shares of company stock valued at $45,176,843 over the last 90 days. 12.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC raised its position in SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after buying an additional 315,897 shares during the last quarter. State Street Corp raised its position in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares during the last quarter. Northern Trust Corp raised its position in SoundHound AI by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after buying an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after buying an additional 143,487 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.