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

SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball sold 50,000 shares of the 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 in the company, valued at approximately $5,421,072. This represents a 9.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

SoundHound AI Trading Up 12.6 %

Shares of NASDAQ:SOUN opened at $15.01 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $5.55 billion, a P/E ratio of -41.69 and a beta of 3.03. The business’s 50-day moving average is $6.47 and its 200 day moving average is $5.35. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $15.10.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.09) earnings per share. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

A number of research firms have weighed in on SOUN. Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright boosted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price 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.