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 SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

SoundHound AI Trading Up 0.4 %

Shares of SOUN opened at $4.91 on Friday. The stock has a 50 day moving average of $4.84 and a 200 day moving average of $4.97. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.74. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC bought a new stake in shares of SoundHound AI in the 1st quarter worth approximately $29,000. DecisionPoint Financial LLC purchased a new stake in SoundHound AI in the first quarter worth $40,000. Kings Path Partners LLC bought a new stake in shares of SoundHound AI in the second quarter valued at $28,000. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI during the 2nd quarter valued at $31,000. Finally, Amalgamated Bank grew its stake in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, September 18th. Northland Securities upped their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Thursday. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.08.

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.