SoundHound AI (NASDAQ:SOUN) Shares Down 7% After Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded down 7% on Wednesday following insider selling activity. The stock traded as low as $12.70 and last traded at $13.23. 35,650,461 shares traded hands during trading, a decline of 6% from the average session volume of 37,732,242 shares. The stock had previously closed at $14.23.

Specifically, CEO Keyvan Mohajer sold 368,041 shares of the business'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 sale, the chief executive officer now directly owns 2,299,148 shares of the company's stock, valued at $34,487,220. The trade was a 13.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. In other SoundHound AI news, VP Majid Emami sold 368,662 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $11,035,275. This represents a 33.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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Analyst Ratings Changes

SOUN has been the topic of several analyst reports. LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright lifted their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Wedbush restated an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson reiterated a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Finally, Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and an average price target of $7.64.

SoundHound AI Trading Down 4.7 %

The company has a fifty day moving average of $7.05 and a 200-day moving average of $5.54. 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 firm has a market capitalization of $5.01 billion, a PE ratio of -37.64 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the business earned ($0.09) EPS. The business's quarterly revenue was up 88.7% on a year-over-year basis. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of SoundHound AI

Several large investors have recently added to or reduced their stakes in the business. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI in the second quarter worth $28,000. NBC Securities Inc. lifted its position in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after acquiring an additional 3,818 shares during the last quarter. International Assets Investment Management LLC bought a new stake in SoundHound AI during the second quarter valued at about $31,000. Farther Finance Advisors LLC grew its position in shares of SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock valued at $42,000 after purchasing an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock worth $39,000 after purchasing an additional 5,099 shares during the period. 19.28% of the stock is owned by institutional investors.

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.