SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.7% on Insider Selling

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

Specifically, VP Majid Emami sold 37,459 shares of SoundHound AI 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 $760,417.70. Following the sale, the vice president now owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $746,451.30. Following the sale, the insider now owns 718,040 shares in the company, valued at $14,576,212. The trade was a 4.87 % decrease in their ownership of the stock. 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 on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $1,234,158.80. Following the completion of the transaction, the chief operating officer now directly owns 1,412,526 shares of the company’s stock, valued at $28,674,277.80. This trade represents a 4.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SOUN shares. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright boosted their target price on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target 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, Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Trading Down 2.7 %

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 stock has a market capitalization of $8.72 billion, a PE ratio of -65.47 and a beta of 3.03. The stock has a 50 day moving average price of $10.29 and a 200-day moving average price of $6.67.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm earned ($0.09) earnings per share. The company’s quarterly revenue was up 88.7% on a year-over-year basis. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of SOUN. Bank of New York Mellon Corp boosted its stake 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 buying an additional 479,912 shares during the last quarter. Harbour Investments Inc. increased its position in SoundHound AI by 5.1% in 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 during the last quarter. Principal Financial Group Inc. increased its holdings in shares of SoundHound AI by 106.6% in the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock worth $151,000 after buying an additional 19,780 shares during the last quarter. Signaturefd LLC raised its position in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter valued at about $31,000. 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.