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

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 2.7% on Tuesday following insider selling activity. The company traded as low as $7.87 and last traded at $8.03. 66,801,227 shares traded hands during mid-day 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 SoundHound AI stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the sale, the director now directly owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SOUN. Northland Securities raised their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, HC Wainwright upped 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. Three research 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, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Performance

The firm has a market capitalization of $2.97 billion, a P/E ratio of -22.31 and a beta of 2.71. The company has a 50-day moving average of $5.57 and a 200-day moving average of $5.05. 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the company earned ($0.09) earnings per share. The firm’s revenue was up 88.7% compared to the same quarter last year. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of SoundHound AI

A number of institutional investors have recently bought and sold shares of the company. Kings Path Partners LLC acquired a new position in shares of SoundHound AI in the 2nd quarter valued at about $28,000. International Assets Investment Management LLC acquired a new position in SoundHound AI in the second quarter valued at approximately $31,000. NBC Securities Inc. lifted its stake in SoundHound AI by 97.8% in the third 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. Amalgamated Bank boosted its holdings in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC grew 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 worth $41,000 after buying an additional 2,200 shares during the period. 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.