SoundHound AI (NASDAQ:SOUN) Shares Down 2% Following Insider Selling

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) fell 2% during mid-day trading on Monday following insider selling activity. The company traded as low as $3.91 and last traded at $3.92. 3,238,151 shares traded hands during trading, a decline of 92% from the average session volume of 42,967,188 shares. The stock had previously closed at $4.00.

Specifically, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at approximately $3,765,665.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The disclosure for this sale can be found here. Insiders have sold 417,728 shares of company stock worth $1,815,476 in the last three months. Corporate insiders own 21.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SOUN shares. Wedbush reaffirmed an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Friday, May 10th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Monday, May 13th. DA Davidson increased their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84. The stock has a fifty day moving average price of $4.63 and a two-hundred day moving average price of $4.06.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business had revenue of $11.59 million for the quarter, compared to analysts’ expectations of $10.10 million. During the same period last year, the company earned ($0.12) earnings per share. The company’s quarterly revenue was up 72.9% on a year-over-year basis. As a group, research analysts predict that SoundHound AI, Inc. will post -0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC lifted its stake in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA bought a new stake in shares of SoundHound AI during the 1st quarter worth $6,659,000. Janus Henderson Group PLC raised its holdings in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares during the period. Finally, Swiss National Bank lifted its position in shares of SoundHound AI by 13.9% in the 4th quarter. Swiss National Bank now owns 400,500 shares of the company’s stock valued at $849,000 after acquiring an additional 49,000 shares in the last quarter. 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.