SoundHound AI, Inc. (NASDAQ:SOUN) Insider James Ming Hom Sells 51,196 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Thursday, March 20th, James Ming Hom sold 28,388 shares of SoundHound AI stock. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $10.20 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of -28.33 and a beta of 2.62. The firm’s fifty day moving average price is $12.09 and its 200 day moving average price is $10.52. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analyst Ratings Changes

SOUN has been the topic of a number of research analyst reports. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson raised their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $12.86.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Wellington Management Group LLP purchased a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $7,789,000. California State Teachers Retirement System boosted its position in shares of SoundHound AI by 13.6% during the 4th quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock worth $6,023,000 after purchasing an additional 36,422 shares in the last quarter. Objective Capital Management LLC grew its stake in shares of SoundHound AI by 25.0% during the 4th quarter. Objective Capital Management LLC now owns 25,000 shares of the company’s stock worth $496,000 after purchasing an additional 5,000 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of SoundHound AI by 171.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock valued at $1,385,000 after purchasing an additional 44,059 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $544,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.