SoundHound AI (NASDAQ:SOUN) Shares Down 3.1% After Insider Selling

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 3.1% during trading on Friday after an insider sold shares in the company. The company traded as low as $9.03 and last traded at $9.18. 8,800,261 shares traded hands during trading, a decline of 77% from the average session volume of 38,692,102 shares. The stock had previously closed at $9.47.

Specifically, VP Majid Emami sold 132,352 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total value of $1,328,814.08. Following the sale, the vice president now directly owns 537,482 shares in the company, valued at $5,396,319.28. The trade was a 19.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent research reports. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson dropped their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. HC Wainwright cut their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Wedbush dropped their price target on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, Piper Sandler assumed coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Trading Up 6.8%

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business's 50-day moving average price is $9.46 and its two-hundred day moving average price is $12.02. The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of -27.00 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI's revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. Research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Trading of SoundHound AI

Large investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Orion Capital Management LLC acquired a new position in shares of SoundHound AI during the 4th quarter worth $30,000. AlphaQuest LLC bought a new stake in shares of SoundHound AI during the 1st quarter worth $32,000. Golden State Wealth Management LLC boosted its stake in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after buying an additional 2,115 shares in the last quarter. Finally, BIT Capital GmbH acquired a new stake in SoundHound AI in the fourth quarter valued at about $43,000. 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.