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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price dropped 2.6% on Tuesday after an insider sold shares in the company. The stock traded as low as $10.07 and last traded at $10.05. Approximately 5,371,800 shares traded hands during 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 the firm's stock in a transaction 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 at the SEC website. Also, VP Majid Emami sold 28,392 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the transaction, the vice president now directly owns 669,834 shares in the company, valued at $6,631,356.60. The trade was a 4.07 % decrease in their position. The disclosure for this sale can be found here. In related news, COO Michael Zagorsek sold 52,001 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $514,809.90. Following the completion of the sale, the chief operating officer now directly owns 1,360,525 shares of the company's stock, valued at $13,469,197.50. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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Analyst Ratings Changes

SOUN has been the topic of several research reports. Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, DA Davidson boosted their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Trading Down 4.5 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company's 50 day moving average is $11.89 and its 200 day moving average is $10.50. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of -23.46 and a beta of 2.62.

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

Hedge Funds Weigh In On SoundHound AI

A number of 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 valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its holdings 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 last quarter. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI during the 4th quarter worth about $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the fourth quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI during the fourth quarter worth about $40,000. 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.