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 business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

SoundHound AI Price Performance

SOUN traded up $1.27 during trading on Wednesday, reaching $10.15. 85,544,703 shares of the company traded hands, compared to its average volume of 35,654,000. The company has a market cap of $3.75 billion, a P/E ratio of -27.36 and a beta of 3.03. The firm has a fifty day simple moving average of $6.00 and a 200 day simple moving average of $5.19. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $10.25. 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 earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.09) EPS. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Carnegie Investment Counsel bought a new position in SoundHound AI during the 3rd quarter worth about $4,193,000. Geode Capital Management LLC boosted its stake in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Shellback Capital LP purchased a new stake in SoundHound AI during the second quarter worth $1,196,000. Finally, Squarepoint Ops LLC boosted its position in SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after acquiring an additional 205,985 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on SOUN shares. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.64.

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.