SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells $4,483,213.44 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 298,086 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $4,483,213.44. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $11,064,702.40. The trade was a 28.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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 value of $5,529,930.00.
• On Monday, December 2nd, Majid Emami sold 94,067 shares of SoundHound AI stock. The shares were sold at an average price of $9.05, for a total value of $851,306.35.

SoundHound AI Trading Down 5.5 %

Shares of SoundHound AI stock traded down $0.83 during midday trading on Tuesday, reaching $14.23. The company had a trading volume of 88,813,180 shares, compared to its average volume of 37,752,652. The firm has a market cap of $5.26 billion, a PE ratio of -39.53 and a beta of 3.03. The stock has a fifty day moving average price of $6.88 and a 200 day moving average price of $5.48. 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 fifty-two week low of $1.62 and a fifty-two week high of $16.07.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SOUN. State Street Corp raised its stake in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the period. Geode Capital Management LLC increased its position in shares of SoundHound AI by 9.1% during the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the period. Bank of New York Mellon Corp boosted its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Carnegie Investment Counsel purchased a new stake in SoundHound AI in the 3rd quarter worth approximately $4,193,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. HC Wainwright increased their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. 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. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three 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 stock presently has a consensus rating of “Moderate Buy” and an average target price 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.