Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Director Sells 20,000 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now directly owns 108,117 shares of the company’s stock, valued at $2,213,154.99. This represents a 15.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 transaction of $214,500.00.

SoundHound AI Stock Performance

SoundHound AI stock opened at $23.95 on Friday. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8.86 billion, a PE ratio of -66.53 and a beta of 3.03. The firm’s 50 day simple moving average is $10.66 and its 200 day simple moving average is $6.80.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 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 88.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of SOUN. Franklin Resources Inc. purchased a new position in shares of SoundHound AI during the third quarter worth about $177,000. Sanctuary Advisors LLC lifted its position in SoundHound AI by 13.8% during the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock valued at $140,000 after purchasing an additional 3,642 shares during the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. MML Investors Services LLC bought a new position in shares of SoundHound AI in the 3rd quarter worth $86,000. Finally, State Street Corp raised its position in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SOUN shares. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. 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. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright boosted their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.07.

SoundHound AI Company Profile

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.