Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Director Sells 30,000 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the sale, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

SoundHound AI Stock Performance

SoundHound AI stock opened at $7.88 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $10.25. The company has a fifty day moving average price of $5.63 and a two-hundred day moving average price of $5.07. The company has a market cap of $2.91 billion, a PE ratio of -21.89 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted 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 during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.09) EPS. Research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright raised their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. 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, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Oppenheimer & Co. Inc. grew its stake in 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 buying an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in shares of SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the last quarter. Genesee Capital Advisors LLC increased its holdings in shares of SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its position in SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing 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.