Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) Insider Sells 79,530 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) insider James Ming Hom sold 79,530 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the sale, the insider now directly owns 637,560 shares of the company's stock, valued at approximately $5,967,561.60. The trade was a 11.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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 stock was sold at an average price of $10.00, for a total transaction of $38,150.00.

SoundHound AI Stock Performance

SOUN stock traded up $0.33 during midday trading on Tuesday, hitting $9.82. 48,185,773 shares of the company's stock were exchanged, compared to its average volume of 39,212,397. The stock's fifty day moving average price is $9.61 and its 200-day moving average price is $11.96. SoundHound AI, Inc. has a one year low of $3.82 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released 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 68.55% and a negative net margin of 184.34%. The firm had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. During the same quarter last year, the business posted ($0.07) EPS. The company's revenue for the quarter was up 151.2% on a year-over-year basis. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. DA Davidson lowered their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush lowered their price target on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Piper Sandler assumed coverage on shares of SoundHound AI in a report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price target for the company. Finally, HC Wainwright reduced their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. raised its stake 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 valued at $635,508,000 after purchasing an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock valued at $40,390,000 after purchasing an additional 2,274,105 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $41,595,000. Invesco Ltd. increased its position in shares of 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 acquiring an additional 1,289,360 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock valued at $21,434,000 after acquiring an additional 1,085,473 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.