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

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

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 shares were sold at an average price of $10.25, for a total value 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 value of $281,041.20.

SoundHound AI Stock Up 4.4%

Shares of NASDAQ:SOUN opened at $11.76 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market cap of $4.69 billion, a P/E ratio of -32.67 and a beta of 2.71. SoundHound AI, Inc. has a 1-year low of $3.82 and a 1-year high of $24.98. The firm has a fifty day moving average price of $8.98 and a 200 day moving average price of $11.42.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $29.13 million for the quarter, compared to analysts’ expectations of $30.38 million. During the same quarter in the previous year, the firm posted ($0.07) EPS. The firm’s revenue for the quarter was up 151.2% on a year-over-year basis. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analyst Weigh In

SOUN has been the subject of several recent analyst reports. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reduced their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Monday. Wedbush reduced their price target on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Finally, DA Davidson decreased 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. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.29.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Aristides Capital LLC raised its holdings in SoundHound AI by 238.5% during the first quarter. Aristides Capital LLC now owns 79,886 shares of the company’s stock worth $649,000 after purchasing an additional 56,286 shares in the last quarter. Rafferty Asset Management LLC purchased a new position in shares of SoundHound AI during the 1st quarter worth approximately $454,000. Corebridge Financial Inc. raised its stake in shares of SoundHound AI by 3.4% during the 1st quarter. Corebridge Financial Inc. now owns 158,646 shares of the company’s stock worth $1,288,000 after buying an additional 5,282 shares in the last quarter. Apexium Financial LP lifted its holdings in shares of SoundHound AI by 8.5% in the 1st quarter. Apexium Financial LP now owns 35,698 shares of the company’s stock valued at $290,000 after buying an additional 2,790 shares during the period. Finally, MetLife Investment Management LLC grew its holdings in SoundHound AI by 2.1% during the first quarter. MetLife Investment Management LLC now owns 189,165 shares of the company’s stock worth $1,536,000 after acquiring an additional 3,831 shares during the period. 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.