SoundHound AI (NASDAQ:SOUN) Shares Down 2.6% on Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price fell 2.6% on Tuesday after an insider sold shares in the company. The stock traded as low as $10.07 and last traded at $10.05. 5,371,800 shares traded hands during trading, a decline of 86% from the average session volume of 38,602,474 shares. The stock had previously closed at $10.31.

Specifically, Director Diana Sroka sold 3,402 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the sale, the director now owns 138,850 shares of the company’s stock, valued at approximately $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,080.80. Following the completion of the transaction, the vice president now directly owns 669,834 shares of the company’s stock, valued at approximately $6,631,356.60. This trade represents a 4.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, COO Michael Zagorsek sold 52,001 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $514,809.90. Following the transaction, the chief operating officer now directly owns 1,360,525 shares of the company’s stock, valued at $13,469,197.50. The trade was a 3.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities raised 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. DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Down 1.3 %

The firm has a 50 day moving average price of $12.14 and a 200 day moving average price of $10.48. The stock has a market capitalization of $4.00 billion, a PE ratio of -28.24 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC lifted its holdings in SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after acquiring an additional 315,897 shares during the period. State Street Corp boosted its position in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares during the last quarter. Northern Trust Corp grew its stake 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 purchasing an additional 264,382 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 5.6% during 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 purchasing an additional 143,487 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.