SoundHound AI (NASDAQ:SOUN) Trading Down 2.7% on Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 2.7% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $7.87 and last traded at $8.03. Approximately 66,801,227 shares traded hands during trading, an increase of 90% from the average daily volume of 35,196,258 shares. The stock had previously closed at $8.25.

Specifically, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of analysts have commented on SOUN shares. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright boosted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Performance

The stock has a market cap of $2.97 billion, a P/E ratio of -22.31 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $5.57 and its 200 day simple moving average is $5.05.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly 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 during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.09) earnings per share. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in the company. Oppenheimer & Co. Inc. grew its stake in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares during the period. Integrated Wealth Concepts LLC boosted its position in SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after purchasing an additional 1,975 shares during the period. Genesee Capital Advisors LLC increased its stake in shares of SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after purchasing an additional 2,000 shares in the last quarter. Signaturefd LLC raised its position in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in shares of SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after buying an additional 2,320 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

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.