James Ming Hom Sells 3,815 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 3,815 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $10.00, for a total value of $38,150.00. Following the completion of the transaction, the insider now directly owns 637,090 shares of the company’s stock, valued at approximately $6,370,900. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, March 24th, James Ming Hom sold 51,196 shares of SoundHound AI stock. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00.
• On Thursday, March 20th, James Ming Hom sold 28,388 shares of SoundHound AI stock. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20.

SoundHound AI Trading Down 6.4%

Shares of SoundHound AI stock opened at $11.01 on Friday. The stock has a 50 day moving average of $9.03 and a 200 day moving average of $11.45. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of -30.58 and a beta of 2.71. SoundHound AI, Inc. has a fifty-two week low of $3.82 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 151.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.07) EPS. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SOUN. Vanguard Group Inc. lifted its holdings in shares of SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in SoundHound AI in the fourth quarter valued at approximately $41,595,000. Invesco Ltd. raised its position in SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the period. Nuveen LLC acquired a new position in SoundHound AI during the first quarter worth $7,406,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of SoundHound AI during the first quarter worth $6,755,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. Finally, HC Wainwright lowered their price target on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.29.

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.