Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells $760,417.70 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 37,459 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Friday, December 6th, Majid Emami sold 368,662 shares of SoundHound AI stock. The shares were sold at an average price of $15.00, for a total transaction of $5,529,930.00.
• On Monday, December 9th, Majid Emami sold 298,086 shares of SoundHound AI stock. The shares were sold at an average price of $15.04, for a total transaction of $4,483,213.44.
• On Monday, December 2nd, Majid Emami sold 94,067 shares of SoundHound AI stock. The stock was sold at an average price of $9.05, for a total value of $851,306.35.

SoundHound AI Price Performance

SoundHound AI stock opened at $23.95 on Friday. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.98. 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 has a 50-day moving average price of $10.66 and a 200-day moving average price of $6.81. The firm has a market capitalization of $8.86 billion, a PE ratio of -66.53 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results 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. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several research analyst reports. HC Wainwright raised their price target on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Barclays reaffirmed 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.07.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. Carnegie Investment Counsel purchased a new stake in SoundHound AI in the 3rd quarter valued at about $4,193,000. Geode Capital Management LLC grew its stake in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares in the last quarter. FMR LLC increased its position in shares of SoundHound AI by 112.8% during the third quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after acquiring an additional 25,989 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of SoundHound AI during the third quarter valued at approximately $305,000. 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.