Shares of SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) were down 2.7% on Tuesday following insider selling activity. The stock traded as low as $7.87 and last traded at $8.03. Approximately 66,801,227 shares were traded during trading, an increase of 90% from the average daily volume of 35,196,258 shares. The stock had previously closed at $8.25.
Specifically, Director Eric R. Ball sold 30,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the transaction, the director now owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on SOUN shares. DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. 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 note on Thursday, November 14th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.
SoundHound AI Stock Down 5.2 %
The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -21.14 and a beta of 2.71. The firm has a 50-day moving average price of $5.57 and a two-hundred day moving average price of $5.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.
SoundHound AI (NASDAQ:SOUN – Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (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 the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.09) earnings per share. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of SOUN. Oppenheimer & Co. Inc. boosted its stake in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC increased its stake in SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after acquiring an additional 1,975 shares during the period. Genesee Capital Advisors LLC increased its stake in SoundHound AI by 11.4% during the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC grew its stake in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its position in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.
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.