SoundHound AI (NASDAQ:SOUN) Trading Down 3.1% Following Insider Selling

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

Specifically, VP Majid Emami sold 132,352 shares of the stock in a transaction on 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 completion of the sale, the vice president now directly owns 537,482 shares of the company's stock, valued at approximately $5,396,319.28. This represents a 19.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

SOUN has been the subject of a number of analyst reports. Wedbush lowered their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. HC Wainwright decreased their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Piper Sandler assumed coverage on SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 target price for the company. DA Davidson decreased their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $10.50.

SoundHound AI Trading Down 3.9%

The firm has a fifty day moving average of $9.46 and a two-hundred day moving average of $11.96. The company has a market cap of $3.66 billion, a PE ratio of -25.28 and a beta of 2.64. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same quarter last year, the firm posted ($0.07) EPS. The firm's revenue for the quarter was up 151.2% on a year-over-year basis. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Orion Capital Management LLC bought a new position in SoundHound AI in the 4th quarter worth about $30,000. AlphaQuest LLC bought a new position in SoundHound AI in the 1st quarter worth about $32,000. Golden State Wealth Management LLC boosted its stake in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after purchasing an additional 2,115 shares during the period. Finally, Compagnie Lombard Odier SCmA bought a new position in SoundHound AI in the 4th quarter worth about $40,000. Hedge funds and other 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.