SoundHound AI (NASDAQ:SOUN) Trading Down 2.6% After Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN) fell 2.6% on Tuesday following insider selling activity. The company traded as low as $10.07 and last traded at $10.05. 5,371,800 shares changed hands during mid-day 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 SoundHound AI stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares in the company, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Majid Emami sold 28,392 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following 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 on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $514,809.90. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SOUN. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson lifted their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Wedbush increased 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. Finally, Northland Securities lifted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Down 1.1 %

The stock has a market capitalization of $4.01 billion, a PE ratio of -28.33 and a beta of 2.62. 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 business’s 50-day moving average is $12.09 and its two-hundred day moving average is $10.52.

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

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently bought and sold shares of SOUN. Blue Trust Inc. grew its position in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its holdings in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of SoundHound AI in the 4th quarter worth about $30,000. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI during the 4th quarter valued at approximately $40,000. 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.