SoundHound AI, Inc. (NASDAQ:SOUN) Director Sells 30,000 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball sold 30,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares of the company’s stock, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

SoundHound AI Stock Down 2.7 %

SoundHound AI stock traded down $0.22 during midday trading on Monday, hitting $8.03. 66,467,422 shares of the stock were exchanged, compared to its average volume of 35,196,258. SoundHound AI, Inc. has a 52-week low of $1.62 and a 52-week high of $10.25. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average price is $5.51 and its 200-day moving average price is $5.03. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of -23.03 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company 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%. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.09) earnings per share. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently added to or reduced their stakes in the stock. Kings Path Partners LLC bought a new position in shares of SoundHound AI during the 2nd quarter worth $28,000. International Assets Investment Management LLC bought a new position in SoundHound AI during the second quarter worth about $31,000. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the period. Amalgamated Bank lifted its stake in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC grew its stake in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, 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.