SoundHound AI (NASDAQ:SOUN) Stock Price Down 4.3% After Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 4.3% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $17.79 and last traded at $18.84. 41,977,068 shares were traded during trading, an increase of 8% from the average session volume of 39,022,605 shares. The stock had previously closed at $19.69.

Specifically, Director Lawrence Marcus sold 25,000 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the transaction, the director now directly owns 128,117 shares in the company, valued at $1,793,638. This trade represents a 16.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SOUN shares. Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright lifted their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $9.50.

SoundHound AI Trading Up 7.5 %

The firm has a 50 day simple moving average of $8.39 and a 200 day simple moving average of $6.00. 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 firm has a market capitalization of $7.71 billion, a PE ratio of -57.89 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same period last year, the company earned ($0.09) EPS. Equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the period. Carnegie Investment Counsel purchased a new position in shares of SoundHound AI in the 3rd quarter worth $4,193,000. Intech Investment Management LLC bought a new stake in SoundHound AI during the third quarter valued at about $305,000. Victory Capital Management Inc. raised its holdings in SoundHound AI by 230.9% during the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after acquiring an additional 84,301 shares during the period. Finally, Meridian Wealth Management LLC bought a new position in shares of SoundHound AI in the third quarter worth about $431,000. Institutional investors 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.