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SoundHound AI (NASDAQ:SOUN) Shares Down 4.3% After Insider Selling

SoundHound AI logo with Computer and Technology background

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price fell 4.3% on Tuesday following insider selling activity. The company traded as low as $17.79 and last traded at $18.84. 41,977,068 shares were traded during mid-day trading, an increase of 8% from the average session volume of 39,022,605 shares. The stock had previously closed at $19.69.

Specifically, Director Lawrence Marcus sold 25,000 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the transaction, the director now directly owns 128,117 shares in the company, valued at $1,793,638. This trade represents a 16.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent research reports. LADENBURG THALM/SH SH restated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday. DA Davidson reiterated a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Barclays reissued a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright lifted their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $9.50.

View Our Latest Stock Report on SOUN

SoundHound AI Price Performance

The firm has a 50-day moving average of $7.78 and a 200 day moving average of $5.80. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market capitalization of $7.17 billion, a PE ratio of -52.33 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period in the previous year, the business posted ($0.09) earnings per share. The business's revenue for the quarter was up 88.7% on a year-over-year basis. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after acquiring an additional 42,869 shares during the period. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after purchasing an additional 189,109 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after purchasing an additional 479,912 shares during the period. Finally, Carnegie Investment Counsel purchased a new position in shares of SoundHound AI in the third quarter worth approximately $4,193,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading

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