SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball Sells 30,000 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball sold 30,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the transaction, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This represents a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

SoundHound AI Price Performance

Shares of SOUN opened at $8.03 on Tuesday. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of -22.31 and a beta of 2.71. The firm’s fifty day simple moving average is $5.57 and its 200-day simple moving average is $5.05. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $10.25. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share 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 analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the last quarter. State Street Corp lifted its position in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares during the last quarter. Geode Capital Management LLC boosted its stake in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities boosted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $7.64.

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.