SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.7% Following Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 2.7% on Tuesday after an insider sold shares in the company. The company traded as low as $7.87 and last traded at $8.03. 66,801,227 shares changed hands during trading, an increase of 90% from the average session volume of 35,196,258 shares. The stock had previously closed at $8.25.

Specifically, Director Eric R. Ball sold 30,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the transaction, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. This represents a 21.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company’s stock, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of research analyst reports. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities lifted their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. HC Wainwright upped their target price on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Trading Up 3.5 %

The business has a 50 day moving average of $5.63 and a 200 day moving average of $5.07. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of -21.89 and a beta of 2.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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 net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period in the previous year, the firm posted ($0.09) earnings per share. The company’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kings Path Partners LLC purchased a new stake in SoundHound AI in the second quarter valued at approximately $28,000. NBC Securities Inc. grew its stake in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the 2nd quarter worth $31,000. Farther Finance Advisors LLC raised its position in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after buying an additional 6,716 shares during the period. Finally, Amalgamated Bank grew its position in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares during the period. 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.