SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.1% Following Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN) was down 3.1% on Friday after an insider sold shares in the company. The company traded as low as $9.03 and last traded at $9.18. Approximately 8,800,261 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 38,692,102 shares. The stock had previously closed at $9.47.

Specifically, VP Majid Emami sold 132,352 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the sale, the vice president now directly owns 537,482 shares in the company, valued at approximately $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

Several equities research analysts have issued reports on SOUN shares. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. HC Wainwright cut their price objective on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. DA Davidson dropped their price target on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Piper Sandler began coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They set an “overweight” rating and a $12.00 price target for the company. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $10.50.

SoundHound AI Stock Performance

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 has a market capitalization of $3.66 billion, a price-to-earnings ratio of -25.28 and a beta of 2.64. The firm has a 50-day simple moving average of $9.46 and a two-hundred day simple moving average of $11.96.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The firm had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s quarterly revenue was up 151.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) earnings per share. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of SoundHound AI by 9.5% during the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock worth $284,687,000 after buying an additional 3,028,281 shares in the last quarter. Geode Capital Management LLC grew its position in shares of SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after buying an additional 315,897 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock worth $40,390,000 after acquiring an additional 2,274,105 shares in the last quarter. Northern Trust Corp grew its holdings in SoundHound AI by 2.5% during the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock worth $24,190,000 after acquiring an additional 72,766 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in SoundHound AI by 4.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company’s stock worth $23,120,000 after acquiring an additional 121,568 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.