SoundHound AI, Inc. (NASDAQ:SOUN) Insider Sells $102,597.12 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

SoundHound AI Stock Performance

Shares of SoundHound AI stock traded up $0.02 during trading on Tuesday, hitting $4.90. The company’s stock had a trading volume of 11,923,487 shares, compared to its average volume of 36,062,578. SoundHound AI, Inc. has a 52 week low of $1.49 and a 52 week high of $10.25. The company has a market capitalization of $1.61 billion, a PE ratio of -12.66 and a beta of 2.74. The company has a fifty day simple moving average of $4.87 and a two-hundred day simple moving average of $4.98.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the business posted ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. As a group, analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in SoundHound AI by 16.5% in the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after acquiring an additional 2,629 shares in the last quarter. Vanguard Group Inc. boosted its stake in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after buying an additional 209,154 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after acquiring an additional 195,011 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on SOUN. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities boosted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $7.08.

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.