SoundHound AI, Inc. (NASDAQ:SOUN – Get Rating) shares gapped down before the market opened on Friday after Cantor Fitzgerald lowered their price target on the stock from $3.20 to $2.80. The stock had previously closed at $2.57, but opened at $2.48. SoundHound AI shares last traded at $2.40, with a volume of 1,423,626 shares traded.
Insider Buying and Selling
In other SoundHound AI news, CEO Keyvan Mohajer sold 95,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $2.48, for a total value of $235,600.00. Following the transaction, the chief executive officer now directly owns 1,075,000 shares of the company’s stock, valued at approximately $2,666,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Michael Zagorsek sold 42,500 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $2.48, for a total transaction of $105,400.00. Following the sale, the chief operating officer now owns 482,500 shares of the company’s stock, valued at approximately $1,196,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 95,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $2.48, for a total transaction of $235,600.00. Following the sale, the chief executive officer now directly owns 1,075,000 shares in the company, valued at approximately $2,666,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 278,827 shares of company stock worth $682,643. Insiders own 23.20% of the company’s stock.
Institutional Trading of SoundHound AI
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in SoundHound AI by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 582,633 shares of the company’s stock valued at $1,608,000 after purchasing an additional 7,414 shares during the period. Tocqueville Asset Management L.P. grew its stake in shares of SoundHound AI by 75.9% in the first quarter. Tocqueville Asset Management L.P. now owns 1,067,513 shares of the company’s stock worth $2,946,000 after acquiring an additional 460,718 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 134.0% in the first quarter. Bank of New York Mellon Corp now owns 127,226 shares of the company’s stock worth $351,000 after acquiring an additional 72,846 shares in the last quarter. CTC Capital Management LLC acquired a new position in shares of SoundHound AI in the first quarter worth $36,000. Finally, Jump Financial LLC acquired a new position in shares of SoundHound AI in the first quarter worth $104,000. Hedge funds and other institutional investors own 8.72% of the company’s stock.
SoundHound AI Price Performance
The company’s 50 day simple moving average is $2.47 and its 200 day simple moving average is $2.17. The firm has a market cap of $523.39 million, a price-to-earnings ratio of -0.96 and a beta of 0.49.
SoundHound AI (NASDAQ:SOUN – Get Rating) last issued its earnings results on Thursday, May 11th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). The firm had revenue of $6.71 million for the quarter, compared to analyst estimates of $6.54 million. During the same quarter in the previous year, the firm posted ($2.00) EPS. As a group, analysts forecast that SoundHound AI, Inc. will post -0.28 earnings per share for the current year.
About SoundHound AI
SoundHound AI, Inc develops independent voice artificial intelligence (AI) platform that enables businesses across 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 automatic speech recognition, natural language understanding, wake words, custom domains, text-to-speech, and embedded voice solutions The company is headquartered in Santa Clara, California.