Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Insider Sells $538,910.00 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 53,891 shares of SoundHound AI stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $10.00, for a total transaction of $538,910.00. Following the completion of the transaction, the insider now owns 813,193 shares of the company’s stock, valued at $8,131,930. This trade represents a 6.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Friday, September 20th, James Ming Hom sold 21,024 shares of SoundHound AI stock. The shares were sold at an average price of $4.88, for a total value of $102,597.12.

SoundHound AI Stock Performance

Shares of SOUN opened at $15.01 on Monday. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of -41.69 and a beta of 3.03. The firm has a fifty day simple moving average of $6.47 and a 200 day simple moving average of $5.35. 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, Inc. has a 12 month low of $1.62 and a 12 month high of $15.10.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million during 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 firm’s revenue was up 88.7% on a year-over-year basis. During the same period last year, the business earned ($0.09) earnings per share. Research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on SOUN. DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright increased their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Finally, Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. acquired a new stake in shares of SoundHound AI in the third quarter valued at approximately $177,000. Sanctuary Advisors LLC lifted its holdings in SoundHound AI by 13.8% during the 3rd 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 boosted its position in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. MML Investors Services LLC acquired a new position in shares of SoundHound AI in the third quarter valued at $86,000. Finally, State Street Corp raised its position in shares of 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 purchasing an additional 42,869 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.