SoundHound AI, Inc. (NASDAQ:SOUN) Insider James Ming Hom Sells 21,024 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 21,024 shares of SoundHound AI 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 completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN traded up $0.02 during midday trading on Tuesday, hitting $4.90. The company had a trading volume of 11,923,487 shares, compared to its average volume of 36,062,578. The company has a fifty day moving average of $4.87 and a two-hundred day moving average of $4.98. SoundHound AI, Inc. has a 12-month low of $1.49 and a 12-month high of $10.25. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -12.66 and a beta of 2.74.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased 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 buying an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC boosted its stake in shares of SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after acquiring an additional 1,566,238 shares during the period. Baupost Group LLC MA purchased a new stake in shares of SoundHound AI during the first quarter worth about $6,659,000. Bank of New York Mellon Corp raised its stake 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 during the period. Finally, Janus Henderson Group PLC boosted its stake in SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after purchasing an additional 409,917 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock 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 report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Finally, Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.