Insider Selling: SoundHound AI (NASDAQ:SOUN) Insider Sells 42,600 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) insider James Ming Hom sold 42,600 shares of SoundHound AI stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $480,528.00. Following the sale, the insider directly owned 803,383 shares in the company, valued at approximately $9,062,160.24. This trade represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

SoundHound AI Stock Down 2.7%

SoundHound AI stock traded down $0.29 during trading hours on Monday, hitting $10.41. The stock had a trading volume of 20,984,708 shares, compared to its average volume of 43,209,066. The company has a 50-day moving average of $13.38 and a two-hundred day moving average of $13.46. SoundHound AI, Inc. has a fifty-two week low of $6.52 and a fifty-two week high of $23.50. The company has a market cap of $4.37 billion, a PE ratio of -12.39 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. The business had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.SoundHound AI’s quarterly revenue was up 67.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.04) earnings per share. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. DA Davidson reiterated a “buy” rating and set a $17.00 target price on shares of SoundHound AI in a research report on Tuesday, November 18th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. HC Wainwright raised their target price on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Piper Sandler upped their price target on SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $17.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Danske Bank A S acquired a new stake in SoundHound AI during the 3rd quarter valued at $26,000. Investors Research Corp boosted its stake in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares in the last quarter. Financial Consulate Inc. bought a new stake in shares of SoundHound AI during the third quarter worth $32,000. Sound Income Strategies LLC increased its stake in shares of SoundHound AI by 37.3% in the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after buying an additional 575 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of SoundHound AI by 83.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after buying an additional 1,060 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.