Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Insider Sells 21,024 Shares of Stock

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

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $4.89 on Thursday. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -12.87 and a beta of 2.74. The stock has a 50 day moving average price of $4.84 and a 200-day moving average price of $4.97. SoundHound AI, Inc. has a one year low of $1.49 and a one year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) 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 analysts’ expectations of $13.09 million. During the same quarter in the previous year, the firm earned ($0.10) EPS. SoundHound AI’s revenue was up 53.8% compared to the same quarter last year. Sell-side analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SOUN has been the subject of a number of research reports. Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities increased their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $7.08.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC raised its position in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA bought a new stake in SoundHound AI during the 1st quarter valued at $6,659,000. Bank of New York Mellon Corp raised its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. Hedge funds and other institutional investors 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.