Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells $281,080.80 in 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 value of $281,080.80. Following the sale, the vice president now directly owns 669,834 shares in the company, valued at $6,631,356.60. This trade represents a 4.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

SoundHound AI Stock Down 8.0 %

Shares of NASDAQ SOUN opened at $9.38 on Thursday. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98. The stock’s fifty day simple moving average is $12.00 and its two-hundred day simple moving average is $10.52. The stock has a market capitalization of $3.74 billion, a PE ratio of -26.06 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Sound Income Strategies LLC grew its stake in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC acquired a new position in SoundHound AI during the 4th quarter valued at about $30,000. Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI in the fourth quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI in the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

SOUN has been the subject of several analyst reports. Northland Securities raised their price objective 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. DA Davidson lifted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.86.

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.