SoundHound AI (NASDAQ:SOUN) Shares Down 2.7% After Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 2.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $7.87 and last traded at $8.03. 66,801,227 shares changed hands during trading, an increase of 90% from the average session 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 shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the transaction, the director now directly owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company’s stock, 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.

Analyst Ratings Changes

SOUN has been the subject of a number of analyst reports. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. HC Wainwright raised their target price on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities increased their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Down 5.2 %

The firm has a market capitalization of $2.81 billion, a PE ratio of -21.14 and a beta of 2.71. The firm’s 50-day moving average is $5.57 and its 200 day moving average is $5.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. The firm’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI during the second quarter valued at $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the 2nd quarter worth about $31,000. NBC Securities Inc. grew its holdings in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank raised its position in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares during the period. 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.