Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Director Sells $240,900.00 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball sold 30,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the sale, the director now directly owns 110,907 shares in the company, valued at $890,583.21. This trade represents a 21.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

SoundHound AI Trading Up 3.5 %

Shares of NASDAQ:SOUN opened at $7.88 on Thursday. The company has a 50 day moving average of $5.63 and a 200-day moving average of $5.07. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.91 billion, a P/E ratio of -21.89 and a beta of 2.71. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period last year, the company posted ($0.09) EPS. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in SoundHound AI by 16.1% in the first 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 during the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI during the third quarter worth $4,193,000. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Bank of New York Mellon Corp increased its stake in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares during the period. Institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SOUN. Northland Securities increased their price target 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. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

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.