Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Director Sells $409,400.00 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the transaction, the director now directly owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Lawrence Marcus also recently made the following trade(s):

• On Thursday, December 12th, Lawrence Marcus sold 25,000 shares of SoundHound AI stock. The stock was sold at an average price of $14.00, for a total transaction of $350,000.00.
• On Thursday, November 21st, Lawrence Marcus sold 30,000 shares of SoundHound AI stock. The shares were sold at an average price of $7.15, for a total value of $214,500.00.

SoundHound AI Stock Down 1.2 %

SOUN stock opened at $23.95 on Friday. The company’s 50 day moving average price is $10.66 and its 200 day moving average price is $6.81. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of -66.53 and a beta of 3.03. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $24.98. 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) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SOUN shares. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright upped their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Finally, DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

Institutional Trading of SoundHound AI

A number of institutional investors have recently bought and sold shares of the business. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the 2nd quarter valued at about $28,000. International Assets Investment Management LLC purchased a new stake in SoundHound AI during the second quarter worth approximately $31,000. NBC Securities Inc. boosted its holdings in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank increased its stake in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other 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.