SoundHound AI (NASDAQ:SOUN) Trading Down 5.4% on Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price dropped 5.4% during trading on Thursday following insider selling activity. The stock traded as low as $10.90 and last traded at $11.13. Approximately 12,678,415 shares were traded during trading, a decline of 66% from the average daily volume of 37,716,051 shares. The stock had previously closed at $11.76.

Specifically, insider James Ming Hom sold 3,815 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $10.00, for a total value of $38,150.00. Following the transaction, the insider now owns 637,090 shares in the company, valued at approximately $6,370,900. This represents a 0.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 44,157 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total transaction of $529,884.00. Following the completion of the transaction, the chief technology officer now owns 723,009 shares in the company, valued at approximately $8,676,108. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

SOUN has been the subject of several recent research reports. HC Wainwright decreased their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday. DA Davidson reduced their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush reduced their price target on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $10.29.

SoundHound AI Stock Down 4.3%

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm's 50 day moving average is $8.98 and its two-hundred day moving average is $11.42. The firm has a market cap of $4.49 billion, a P/E ratio of -31.18 and a beta of 2.71.

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

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Commons Capital LLC increased its holdings in SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company's stock worth $543,000 after buying an additional 723 shares during the last quarter. Keynote Financial Services LLC increased its position in SoundHound AI by 4.7% during the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after purchasing an additional 752 shares during the period. Blue Trust Inc. boosted its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after buying an additional 830 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of SoundHound AI by 16.4% in the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after purchasing an additional 929 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its stake in SoundHound AI by 13.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock valued at $165,000 after acquiring an additional 1,000 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.

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