Majid Emami Sells 28,392 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

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

SoundHound AI Stock Down 1.1 %

Shares of SOUN opened at $10.20 on Wednesday. The stock has a 50 day moving average price of $12.09 and a 200 day moving average price of $10.52. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of -28.33 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Trading of SoundHound AI

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC lifted its position in SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after buying an additional 315,897 shares in the last quarter. State Street Corp boosted its stake in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the last quarter. Northern Trust Corp grew its holdings in SoundHound AI by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after buying an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after acquiring an additional 143,487 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.