SoundHound AI (NASDAQ:SOUN) Trading Down 4.3% on Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price traded down 4.3% during trading on Tuesday following insider selling activity. The stock 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 firm's stock in a transaction on Thursday, December 12th. The stock was 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 of the company's stock, valued at $1,793,638. This trade represents a 16.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

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

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 $7.17 billion, a price-to-earnings ratio of -53.86 and a beta of 3.03. The stock has a fifty day moving average of $8.07 and a two-hundred day moving average of $5.90.

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

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $28,000. NBC Securities Inc. grew its holdings 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 period. International Assets Investment Management LLC acquired a new stake in SoundHound AI during the 2nd quarter worth $31,000. Farther Finance Advisors LLC lifted its stake in shares of SoundHound AI by 298.5% in the 3rd 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 period. Finally, Amalgamated Bank boosted its position in shares of SoundHound AI by 108.0% in the 2nd 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 last quarter. 19.28% of the stock is owned by institutional investors.

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.