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

SoundHound AI, Inc. (NASDAQ:SOUN) fell 4.3% during trading on Tuesday following insider selling activity. The stock 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 on Thursday, December 12th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the transaction, the director now directly owns 128,117 shares of the company’s stock, valued at $1,793,638. This represents a 16.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday. HC Wainwright increased their target price 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 reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

SoundHound AI Price Performance

The stock has a fifty day moving average of $7.78 and a 200-day moving average of $5.80. The firm has a market capitalization of $6.74 billion, a P/E ratio of -52.33 and a beta of 3.03. 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 posted its quarterly earnings data 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. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.09) EPS. Equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at $4,193,000. Intech Investment Management LLC bought a new stake in SoundHound AI during the 3rd quarter worth about $305,000. Victory Capital Management Inc. lifted its position in SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after buying an additional 84,301 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new position in shares of SoundHound AI during the 3rd quarter worth about $431,000. 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.