SoundHound AI (NASDAQ:SOUN) Shares Down 2.6% Following Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 2.6% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $10.07 and last traded at $10.05. 5,371,800 shares were traded during mid-day trading, a decline of 86% from the average session volume of 38,602,474 shares. The stock had previously closed at $10.31.

Specifically, Director Diana Sroka sold 3,402 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly owns 138,850 shares in the company, valued at approximately $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 28,392 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now directly owns 669,834 shares of the company’s stock, valued at approximately $6,631,356.60. This represents a 4.07 % decrease in their position. The disclosure for this sale can be found here. In other SoundHound AI news, COO Michael Zagorsek sold 52,001 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $514,809.90. Following the transaction, the chief operating officer now directly owns 1,360,525 shares in the company, valued at approximately $13,469,197.50. This trade represents a 3.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Finally, Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Down 8.0 %

The firm’s 50 day moving average is $12.00 and its two-hundred day moving average is $10.52. The firm has a market cap of $3.74 billion, a P/E ratio of -26.06 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of SOUN. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC increased its position in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth $30,000. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the 4th quarter valued at $40,000. 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.