SoundHound AI (NASDAQ:SOUN) Shares Down 1.9% After Insider Selling

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 1.9% during trading on Thursday after an insider sold shares in the company. The company traded as low as $5.23 and last traded at $5.26. Approximately 5,500,568 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 39,198,973 shares. The stock had previously closed at $5.36.

Specifically, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SOUN shares. Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Monday, August 12th. Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Trading Up 2.0 %

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 firm’s 50 day moving average price is $4.67 and its 200 day moving average price is $4.85. The stock has a market capitalization of $1.66 billion, a P/E ratio of -13.24 and a beta of 2.77.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.10) EPS. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently modified their holdings of the stock. Truist Financial Corp lifted its holdings in SoundHound AI by 432.9% in the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock worth $382,000 after buying an additional 125,785 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in shares of SoundHound AI in the 2nd quarter worth approximately $113,000. Algert Global LLC bought a new position in shares of SoundHound AI in the 2nd quarter worth approximately $103,000. Shellback Capital LP purchased a new position in shares of SoundHound AI in the 2nd quarter valued at approximately $1,196,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of SoundHound AI by 101.7% during the second quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company’s stock valued at $419,000 after purchasing an additional 53,490 shares in the last quarter. 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.