SoundHound AI, Inc. (NASDAQ:SOUN) CEO Sells $442,328.08 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Keyvan Mohajer also recently made the following trade(s):

• On Monday, September 23rd, Keyvan Mohajer sold 63,544 shares of SoundHound AI stock. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48.

SoundHound AI Price Performance

SOUN opened at $4.91 on Friday. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.74. The company’s 50 day simple moving average is $4.84 and its two-hundred day simple moving average is $4.97. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s quarterly revenue was up 53.8% on a year-over-year basis. During the same period last year, the firm posted ($0.10) EPS. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC raised its position in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares during the period. Baupost Group LLC MA acquired a new position in SoundHound AI in the first quarter valued at approximately $6,659,000. Bank of New York Mellon Corp grew its position in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC increased its stake in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SOUN shares. 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 report on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Northland Securities lifted their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

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.