SoundHound AI, Inc. (NASDAQ:SOUN) Insider Sells $1,071,309.70 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 58,382 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $18.35, for a total value of $1,071,309.70. Following the completion of the transaction, the insider now directly owns 754,811 shares in the company, valued at $13,850,781.85. The trade was a 7.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

James Ming Hom also recently made the following trade(s):

• On Wednesday, December 4th, James Ming Hom sold 53,891 shares of SoundHound AI stock. The shares were sold at an average price of $10.00, for a total value of $538,910.00.
• On Friday, September 20th, James Ming Hom sold 21,024 shares of SoundHound AI stock. The stock was sold at an average price of $4.88, for a total value of $102,597.12.

SoundHound AI Trading Up 15.4 %

Shares of SOUN stock opened at $21.75 on Friday. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $24.08. The stock’s fifty day moving average price is $9.01 and its two-hundred day moving average price is $6.21. 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 cap of $8.04 billion, a PE ratio of -60.42 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 55.58% and a negative net margin of 163.58%. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.09) earnings per share. Equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake 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 buying an additional 189,109 shares during the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at $4,193,000. Intech Investment Management LLC bought a new stake in SoundHound AI during the 3rd quarter worth $305,000. Victory Capital Management Inc. increased its holdings in SoundHound AI by 230.9% in the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after purchasing an additional 84,301 shares in the last quarter. Finally, Meridian Wealth Management LLC bought a new position in SoundHound AI in the third quarter valued at about $431,000. Institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright raised their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.50.

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.