SoundHound AI (NASDAQ:SOUN) Trading Down 5.9% on Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUNGet Free Report)’s share price traded down 5.9% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $7.60 and last traded at $7.75. 37,983,211 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 57,799,625 shares. The stock had previously closed at $8.24.

Specifically, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 23,212 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total value of $194,284.44. Following the sale, the chief financial officer now owns 751,017 shares of the company’s stock, valued at approximately $6,286,012.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 283,790 shares of company stock worth $1,612,416. 21.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SOUN shares. Wedbush boosted their price target on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target on the stock. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $4.90 target price (down from $5.80) on shares of SoundHound AI in a research report on Wednesday. Finally, HC Wainwright upped their target price on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

View Our Latest Report on SOUN

SoundHound AI Stock Performance

The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -20.33 and a beta of 2.84. The company has a 50-day moving average of $3.82 and a 200-day moving average of $2.65.

SoundHound AI (NASDAQ:SOUNGet Free Report) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business’s revenue was up 80.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) earnings per share. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SOUN. Bank of America Corp DE grew its stake in SoundHound AI by 1,238.7% during the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock worth $26,000 after buying an additional 13,626 shares during the last quarter. Independent Advisor Alliance bought a new position in shares of SoundHound AI in the fourth quarter worth $28,000. Two Sigma Securities LLC bought a new position in shares of SoundHound AI in the first quarter worth $28,000. IAM Advisory LLC bought a new position in shares of SoundHound AI in the fourth quarter worth $29,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of SoundHound AI in the fourth quarter worth $32,000. 26.96% of the stock is currently owned by 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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