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

by · The Markets Daily

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $23.95, but opened at $23.00. SoundHound AI shares last traded at $21.36, with a volume of 21,835,019 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SOUN shares. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright raised their price objective on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.07.

Get Our Latest Report on SOUN

SoundHound AI Stock Down 12.5 %

The firm has a market cap of $7.34 billion, a PE ratio of -55.11 and a beta of 3.03. 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 business has a fifty day moving average price of $11.01 and a two-hundred day moving average price of $6.96.

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

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 94,067 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now owns 735,685 shares in the company, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Carnegie Investment Counsel bought a new stake in SoundHound AI during the third quarter worth approximately $4,193,000. Geode Capital Management LLC grew its holdings in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. FMR LLC raised its position in shares of SoundHound AI by 112.8% in the third quarter. FMR LLC now owns 49,038 shares of the company’s stock valued at $229,000 after purchasing an additional 25,989 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of SoundHound AI in the third quarter worth $305,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

(Get Free Report)

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.

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