Diana Sroka Sells 2,800 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Diana Sroka sold 2,800 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the sale, the director now owns 153,949 shares of the company’s stock, valued at approximately $1,530,253.06. This represents a 1.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

SoundHound AI Stock Down 2.5%

SoundHound AI stock opened at $9.57 on Thursday. The firm has a 50 day moving average price of $9.67 and a 200-day moving average price of $11.93. SoundHound AI, Inc. has a twelve month low of $3.82 and a twelve month high of $24.98. The company has a market capitalization of $3.84 billion, a P/E ratio of -17.40 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share 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 business had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same period in the prior year, the company earned ($0.07) earnings per share. SoundHound AI’s revenue was up 151.2% compared to the same quarter last year. Equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the last quarter. Orion Capital Management LLC bought a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $30,000. AlphaQuest LLC purchased a new stake in shares of SoundHound AI during the 1st quarter valued at approximately $32,000. Golden State Wealth Management LLC boosted its holdings in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock worth $34,000 after buying an additional 2,115 shares during the period. Finally, BIT Capital GmbH bought a new position in SoundHound AI in the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SOUN shares. DA Davidson reduced their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. HC Wainwright cut their target price on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Piper Sandler began coverage on SoundHound AI in a report on Tuesday, May 27th. They issued an “overweight” rating and a $12.00 target price for the company. Finally, Wedbush dropped their price target on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.50.

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.