SoundHound AI, Inc. (NASDAQ:SOUN) Insider James Ming Hom Sells 58,382 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 58,382 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $18.35, for a total transaction of $1,071,309.70. Following the sale, the insider now owns 754,811 shares in the company, valued at approximately $13,850,781.85. This trade represents a 7.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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 Price Performance

SOUN stock traded up $1.45 during trading hours on Wednesday, hitting $20.84. 156,047,484 shares of the stock traded hands, compared to its average volume of 39,760,664. The stock has a 50-day simple moving average of $8.07 and a 200 day simple moving average of $5.90. The company has a market cap of $7.71 billion, a P/E ratio of -57.89 and a beta of 3.03. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.08. 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 data 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. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the firm posted ($0.09) EPS. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

SOUN has been the subject of several analyst reports. HC Wainwright boosted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Finally, Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Charles Schwab Investment Management Inc. boosted its holdings in shares of SoundHound AI by 7.9% in 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 period. Carnegie Investment Counsel purchased a new stake in shares of SoundHound AI in the 3rd quarter valued at approximately $4,193,000. Intech Investment Management LLC acquired a new position in SoundHound AI in the 3rd quarter worth approximately $305,000. Victory Capital Management Inc. grew its position in SoundHound AI by 230.9% during 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 acquired a new stake in SoundHound AI during the 3rd quarter valued at $431,000. 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.