Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Insider Sells 36,771 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 36,771 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $746,451.30. Following the transaction, the insider now owns 718,040 shares in the company, valued at approximately $14,576,212. This trade represents a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, December 16th, James Ming Hom sold 58,382 shares of SoundHound AI stock. The shares were sold at an average price of $18.35, for a total value of $1,071,309.70.
• 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.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $23.95 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.86 billion, a P/E ratio of -66.53 and a beta of 3.03. The firm has a 50-day moving average price of $10.66 and a two-hundred day moving average price of $6.81. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period last year, the company posted ($0.09) EPS. The company’s revenue was up 88.7% on a year-over-year basis. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SOUN has been the subject of several research analyst reports. HC Wainwright increased their price objective on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.07.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently made changes to their positions in SOUN. Franklin Resources Inc. acquired a new stake in shares of SoundHound AI during the third quarter valued at $177,000. Sanctuary Advisors LLC lifted its holdings in SoundHound AI by 13.8% in 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 in the last quarter. Geode Capital Management LLC boosted its stake in shares of SoundHound AI by 9.1% during the 3rd 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 last quarter. MML Investors Services LLC purchased a new stake in shares of SoundHound AI during the third quarter worth about $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 buying an additional 42,869 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.