SoundHound AI, Inc. (NASDAQ:SOUN) Insider James Ming Hom Sells 79,530 Shares

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) insider James Ming Hom sold 79,530 shares of SoundHound AI stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $744,400.80. Following the completion of the transaction, the insider now owns 637,560 shares in the company, valued at $5,967,561.60. The trade was a 11.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Monday, May 12th, James Ming Hom sold 3,815 shares of SoundHound AI stock. The shares were sold at an average price of $10.00, for a total transaction of $38,150.00.

SoundHound AI Price Performance

SOUN traded down $0.13 during trading on Friday, reaching $9.80. 28,101,481 shares of the stock traded hands, compared to its average volume of 39,384,239. The stock's 50-day simple moving average is $9.72 and its two-hundred day simple moving average is $11.89. SoundHound AI, Inc. has a fifty-two week low of $3.82 and a fifty-two week high of $24.98. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of -17.83 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. SoundHound AI's quarterly revenue was up 151.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) EPS. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. lifted its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after buying an additional 830 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of SoundHound AI during the fourth quarter worth $30,000. AlphaQuest LLC acquired a new position in shares of SoundHound AI during the first quarter valued at $32,000. Golden State Wealth Management LLC lifted its stake in shares of SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares during the period. Finally, BIT Capital GmbH bought a new position in shares of SoundHound AI in the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SOUN shares. Piper Sandler started coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective for the company. HC Wainwright lowered their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. DA Davidson dropped their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Wedbush reduced their price objective 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. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

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.