Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells 132,352 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 132,352 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total value of $1,328,814.08. Following the transaction, the vice president now directly owns 537,482 shares of the company’s stock, valued at approximately $5,396,319.28. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Majid Emami also recently made the following trade(s):

• On Thursday, March 20th, Majid Emami sold 28,392 shares of SoundHound AI stock. The stock was sold at an average price of $9.90, for a total value of $281,080.80.

SoundHound AI Stock Down 3.9%

Shares of NASDAQ SOUN opened at $9.10 on Friday. The stock has a market cap of $3.66 billion, a PE ratio of -25.28 and a beta of 2.64. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 52-week low of $3.82 and a 52-week high of $24.98. The business has a 50-day moving average price of $9.46 and a 200 day moving average price of $11.99.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. During the same period last year, the firm earned ($0.07) EPS. The firm’s revenue for the quarter was up 151.2% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Trading of SoundHound AI

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in 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 acquiring an additional 830 shares during the period. Orion Capital Management LLC acquired a new stake in SoundHound AI during the 4th quarter worth approximately $30,000. Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI during the 4th quarter worth approximately $40,000. Golden State Wealth Management LLC acquired a new stake in SoundHound AI during the 4th quarter worth approximately $42,000. Finally, BIT Capital GmbH acquired a new stake in SoundHound AI during the 4th quarter worth approximately $43,000. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SOUN shares. HC Wainwright lowered their price objective on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, May 12th. DA Davidson lowered their price objective on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Wedbush lowered their price objective on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Piper Sandler initiated coverage on SoundHound AI in a research report on Tuesday, May 27th. They issued an “overweight” rating and a $12.00 target price for the company. Four 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 presently has an average rating of “Moderate Buy” and an average price target of $10.50.

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.