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

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 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. Approximately 66,801,227 shares were traded during trading, an increase of 90% from the average daily 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 that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the sale, the director now owns 110,907 shares in the company, valued at approximately $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 accessible through this link. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research firms have commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright raised their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Three investment 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 presently has a consensus rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Price Performance

The company has a fifty day moving average price of $5.63 and a two-hundred day moving average price of $5.07. The firm has a market capitalization of $2.91 billion, a PE ratio of -21.89 and a beta of 2.71. 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 issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. raised its holdings in shares of SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after buying an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the period. Genesee Capital Advisors LLC grew its position in SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after buying an additional 2,000 shares during the last quarter. Signaturefd LLC increased its stake in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its position in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.