SoundHound AI (NASDAQ:SOUN) Shares Down 2.6% Following Insider Selling

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 2.6% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $10.07 and last traded at $10.05. 5,371,800 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 38,602,474 shares. The stock had previously closed at $10.31.

Specifically, Director Diana Sroka sold 3,402 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the transaction, the director now directly owns 138,850 shares of the company’s stock, valued at $1,399,608. This trade represents a 2.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now owns 669,834 shares in the company, valued at $6,631,356.60. This trade represents a 4.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, COO Michael Zagorsek sold 52,001 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $514,809.90. Following the completion of the transaction, the chief operating officer now owns 1,360,525 shares in the company, valued at approximately $13,469,197.50. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

Several brokerages have commented on SOUN. DA Davidson boosted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald raised shares of 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 three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Performance

The company has a market cap of $3.74 billion, a P/E ratio of -26.06 and a beta of 2.62. The stock has a 50 day moving average price of $12.00 and a two-hundred day moving average price of $10.52. 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) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the period. Geode Capital Management LLC lifted its position in SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after purchasing an additional 315,897 shares during the period. State Street Corp grew its stake in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares in the last quarter. Northern Trust Corp increased its holdings in SoundHound AI by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after buying an additional 264,382 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after buying an additional 143,487 shares in the last quarter. 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.