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

SoundHound AI, Inc. (NASDAQ:SOUN) fell 1.7% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $22.74 and last traded at $23.81. 34,210,179 shares changed hands 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 dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Ming Hom sold 36,771 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $746,451.30. Following the transaction, the insider now owns 718,040 shares of the company’s stock, valued at approximately $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 SoundHound AI news, COO Michael Zagorsek sold 60,796 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $1,234,158.80. Following the completion of the transaction, the chief operating officer now owns 1,412,526 shares of the company’s stock, valued at $28,674,277.80. This represents a 4.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SOUN. HC Wainwright lifted their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday. DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush raised their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research 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.com, the company has an average rating of “Moderate Buy” and an average price target of $12.07.

SoundHound AI Price Performance

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 company has a market capitalization of $8.72 billion, a P/E ratio of -65.47 and a beta of 3.03. The company 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 data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates 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%. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) earnings per share. On average, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings 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 during the period. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at $4,193,000. Geode Capital Management LLC increased its position in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the period. FMR LLC increased its stake in shares of SoundHound AI by 112.8% in the third quarter. FMR LLC now owns 49,038 shares of the company’s stock valued at $229,000 after buying an additional 25,989 shares during the period. Finally, Intech Investment Management LLC bought a new position in SoundHound AI during the third quarter worth $305,000. Institutional investors and hedge funds 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.