SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.6% After Insider Selling

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

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

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Analyst Ratings Changes

SOUN has been the subject of a number of research reports. HC Wainwright reiterated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. DA Davidson lifted their target price 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 increased their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $12.86.

SoundHound AI Price Performance

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 stock has a market capitalization of $3.37 billion, a PE ratio of -23.71 and a beta of 2.62. The business has a fifty day moving average price of $11.89 and a 200-day moving average price of $10.50.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. boosted its stake 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 purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC lifted its stake in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC purchased a new stake in SoundHound AI during the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC bought a new position in SoundHound AI in the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI during the 4th quarter worth $40,000. Institutional investors own 19.28% of the company's stock.

About SoundHound AI

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.