SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report)’s share price traded down 3.1% during mid-day trading on Friday following insider selling activity. The stock traded as low as $9.03 and last traded at $9.18. 8,800,261 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 38,692,102 shares. The stock had previously closed at $9.47.
Specifically, VP Majid Emami sold 132,352 shares of SoundHound AI stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the transaction, the vice president now owns 537,482 shares in the company, valued at approximately $5,396,319.28. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the company. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They set an “overweight” rating and a $12.00 price objective for the company. DA Davidson reduced their price objective on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Wedbush reduced their price objective 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 target on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.50.
SoundHound AI Trading Down 3.9%
The company has a 50 day simple moving average of $9.46 and a 200 day simple moving average of $11.99. 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 PE ratio of -25.28 and a beta of 2.64.
SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same period in the previous year, the business earned ($0.07) EPS. SoundHound AI’s quarterly revenue was up 151.2% on a year-over-year basis. Analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.
Institutional Investors Weigh In On SoundHound AI
Several large investors have recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Orion Capital Management LLC acquired a new position in shares of SoundHound AI during the 4th quarter worth approximately $30,000. AlphaQuest LLC acquired a new position in shares of SoundHound AI during the 1st quarter worth approximately $32,000. Golden State Wealth Management LLC boosted its holdings in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock worth $34,000 after purchasing an additional 2,115 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA acquired a new position in shares of SoundHound AI during the 4th quarter worth approximately $40,000. 19.28% of the stock is currently 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.
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