SoundHound AI (NASDAQ:SOUN) Shares Down 7.1% Following Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 7.1% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $13.16 and last traded at $13.22. 12,344,222 shares traded hands during trading, a decline of 67% from the average session volume of 37,624,895 shares. The stock had previously closed at $14.23.

Specifically, CEO Keyvan Mohajer sold 368,041 shares of SoundHound AI stock in a transaction on Friday, December 6th. The shares were sold at an average price of $15.00, for a total transaction of $5,520,615.00. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,487,220. The trade was a 13.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. In other news, VP Majid Emami sold 368,662 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $15.00, for a total value of $5,529,930.00. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at $11,035,275. The trade was a 33.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SOUN shares. Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright boosted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Down 6.0 %

The company has a market cap of $4.95 billion, a P/E ratio of -36.72 and a beta of 3.03. 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 business’s fifty day moving average is $6.88 and its two-hundred day moving average is $5.48.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. Equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the 3rd quarter valued at about $4,193,000. Intech Investment Management LLC purchased a new position in shares of SoundHound AI in the 3rd quarter worth approximately $305,000. Victory Capital Management Inc. raised its stake in shares of SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after acquiring an additional 84,301 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in SoundHound AI during the third quarter valued at approximately $431,000. 19.28% of the stock is currently 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.