Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells $4,483,213.44 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 298,086 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the transaction, the vice president now owns 735,685 shares in the company, valued at $11,064,702.40. This trade represents a 28.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Majid Emami also recently made the following trade(s):

• On Friday, December 6th, Majid Emami sold 368,662 shares of SoundHound AI stock. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00.
• On Monday, December 2nd, Majid Emami sold 94,067 shares of SoundHound AI stock. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35.

SoundHound AI Stock Performance

Shares of NASDAQ SOUN opened at $13.67 on Friday. The company has a market capitalization of $5.05 billion, a PE ratio of -37.97 and a beta of 3.03. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $16.07. The company’s fifty day moving average price is $7.23 and its 200 day moving average price is $5.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) earnings per share. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently bought and sold shares of the company. Kings Path Partners LLC acquired a new position in shares of SoundHound AI in the second quarter worth $28,000. NBC Securities Inc. grew its position in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI during the second quarter worth approximately $31,000. Farther Finance Advisors LLC raised its holdings in SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after acquiring an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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