Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells 28,392 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 28,392 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the transaction, the vice president now owns 669,834 shares of the company’s stock, valued at approximately $6,631,356.60. This represents a 4.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $10.31 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The business’s 50 day simple moving average is $12.14 and its 200 day simple moving average is $10.48. The stock has a market capitalization of $4.05 billion, a PE ratio of -28.64 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

SOUN has been the subject of several research analyst reports. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities lifted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, DA Davidson lifted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI currently has an average rating of “Hold” and an average price target of $12.86.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the period. Sound Income Strategies LLC boosted its stake in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new stake in SoundHound AI in the fourth quarter worth $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in shares of SoundHound AI during the fourth quarter valued at about $40,000. 19.28% of the stock is currently owned by institutional investors.

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.