SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was down 7% during trading on Wednesday following insider selling activity. The company traded as low as $12.70 and last traded at $13.23. Approximately 35,650,461 shares changed hands during trading, a decline of 6% from the average daily volume of 37,732,242 shares. The stock had previously closed at $14.23.
Specifically, CEO Keyvan Mohajer sold 368,041 shares of the company's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,520,615.00. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company's stock, valued at $34,487,220. This represents a 13.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. In related news, VP Majid Emami sold 368,662 shares of the business's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $11,035,275. The trade was a 33.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Wall Street Analysts Forecast Growth
A number of research firms have commented on SOUN. LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush restated an "outperform" rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. DA Davidson reissued a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright upped their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, Barclays reiterated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $7.64.
View Our Latest Analysis on SoundHound AI
SoundHound AI Stock Down 4.7 %
The company has a market capitalization of $5.01 billion, a P/E ratio of -36.75 and a beta of 3.03. The company has a 50 day simple moving average of $6.88 and a two-hundred day simple moving average of $5.48. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the prior year, the firm posted ($0.09) EPS. SoundHound AI's quarterly revenue was up 88.7% compared to the same quarter last year. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.
Institutional Trading of SoundHound AI
Several institutional investors have recently added to or reduced their stakes in the company. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the second quarter valued at $28,000. NBC Securities Inc. raised its stake in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI in the second quarter valued at approximately $31,000. Farther Finance Advisors LLC grew its stake in SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock worth $42,000 after purchasing an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of SoundHound AI by 108.0% in 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 during the period. Institutional investors own 19.28% of the company's stock.
About SoundHound AI
(
Get Free Report)
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.
See Also
Before you consider SoundHound AI, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SoundHound AI wasn't on the list.
While SoundHound AI currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
