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 company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 stock was sold at an average price of $15.00, for a total value 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 value 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 transaction of $851,306.35.

SoundHound AI Trading Up 19.7 %

NASDAQ:SOUN opened at $24.23 on Friday. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.98. The stock’s fifty day moving average price is $10.29 and its two-hundred day moving average price is $6.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $8.96 billion, a P/E ratio of -67.31 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (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 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 quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Franklin Resources Inc. purchased a new stake in SoundHound AI in the 3rd quarter worth approximately $177,000. Sanctuary Advisors LLC raised its position in shares of SoundHound AI by 13.8% in the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after buying an additional 3,642 shares in the last quarter. Geode Capital Management LLC boosted its stake in 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 buying an additional 602,311 shares during the period. MML Investors Services LLC purchased a new position in SoundHound AI during the third quarter worth about $86,000. Finally, State Street Corp increased its stake in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on SOUN. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright lifted their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a report on Monday. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and set 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 given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $12.07.

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.