SoundHound AI (NASDAQ:SOUN) Shares Down 1.7% After Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 1.7% during trading on Friday following insider selling activity. The company traded as low as $22.74 and last traded at $23.81. 34,210,179 shares were traded during trading, a decline of 17% from the average session volume of 41,021,441 shares. The stock had previously closed at $24.23.

Specifically, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. This represents a 5.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider James Ming Hom sold 36,771 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $746,451.30. Following the transaction, the insider now directly owns 718,040 shares of the company’s stock, valued at $14,576,212. The trade was a 4.87 % decrease in their position. The disclosure for this sale can be found here. In other news, COO Michael Zagorsek sold 60,796 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $1,234,158.80. Following the completion of the sale, the chief operating officer now directly owns 1,412,526 shares of the company’s stock, valued at approximately $28,674,277.80. This trade represents a 4.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of research analyst reports. HC Wainwright raised their target price on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.07.

SoundHound AI Price Performance

The stock has a market capitalization of $8.86 billion, a PE ratio of -66.53 and a beta of 3.03. 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 50 day moving average price of $10.66 and a 200 day moving average price of $6.81.

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

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the period. Harbour Investments Inc. grew its position in shares of SoundHound AI by 5.1% during the second quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock worth $236,000 after purchasing an additional 2,923 shares in the last quarter. Principal Financial Group Inc. raised its stake in SoundHound AI by 106.6% during the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock valued at $151,000 after purchasing an additional 19,780 shares during the period. Signaturefd LLC lifted its holdings in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in SoundHound AI in the 2nd quarter worth approximately $31,000. Hedge funds and other 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.