SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball Sells 50,000 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the director now owns 451,756 shares of the company’s stock, valued at $5,421,072. The trade was a 9.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

SoundHound AI Stock Performance

NASDAQ:SOUN traded up $1.68 during trading hours on Friday, reaching $15.01. The company had a trading volume of 217,976,078 shares, compared to its average volume of 37,105,629. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of -41.61 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average price is $6.27 and its 200-day moving average price is $5.28. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $15.10.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping 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 revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) earnings per share. On average, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. HC Wainwright raised their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $7.64.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. boosted its holdings in shares of SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the last quarter. Genesee Capital Advisors LLC grew its position in shares of SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC increased its stake in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its holdings in SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.