Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells 94,067 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 94,067 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $13.33 on Friday. The stock has a market capitalization of $4.93 billion, a PE ratio of -35.42 and a beta of 3.03. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $13.74. The firm has a fifty day simple moving average of $6.10 and a 200 day simple moving average of $5.22. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SOUN shares. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Cantor Fitzgerald raised 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. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its stake in SoundHound AI by 124.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,112 shares of the company’s stock valued at $431,000 after acquiring an additional 40,495 shares during the period. Cetera Advisors LLC acquired a new stake in shares of SoundHound AI during the 1st quarter worth about $327,000. SG Americas Securities LLC boosted its holdings in shares of SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after buying an additional 195,011 shares during the period. Sequoia Financial Advisors LLC grew its stake in SoundHound AI by 13.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock valued at $82,000 after buying an additional 2,500 shares during the last quarter. Finally, Kessler Investment Group LLC raised its holdings in SoundHound AI by 42.5% in the 2nd quarter. Kessler Investment Group LLC now owns 33,812 shares of the company’s stock valued at $134,000 after acquiring an additional 10,079 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.