Insider Selling: SoundHound AI (NASDAQ:SOUN) SVP Sells 42,600 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) SVP Majid Emami sold 42,600 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $480,528.00. Following the completion of the sale, the senior vice president directly owned 565,586 shares of the company’s stock, valued at $6,379,810.08. The trade was a 7.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Friday, December 26th, Majid Emami sold 32,741 shares of SoundHound AI stock. The stock was sold at an average price of $10.66, for a total transaction of $349,019.06.
• On Wednesday, October 8th, Majid Emami sold 41,167 shares of SoundHound AI stock. The shares were sold at an average price of $20.00, for a total value of $823,340.00.

SoundHound AI Trading Down 2.7%

Shares of SOUN traded down $0.29 on Monday, reaching $10.41. 20,984,708 shares of the company’s stock traded hands, compared to its average volume of 43,209,066. The stock’s 50 day simple moving average is $13.38 and its two-hundred day simple moving average is $13.46. The stock has a market cap of $4.37 billion, a PE ratio of -12.39 and a beta of 2.63. SoundHound AI, Inc. has a 52-week low of $6.52 and a 52-week high of $23.50.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The business had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The business’s revenue was up 67.6% on a year-over-year basis. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Swiss Life Asset Management Ltd raised its holdings in SoundHound AI by 67.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 17,001 shares of the company’s stock valued at $273,000 after acquiring an additional 6,878 shares during the period. KERR FINANCIAL PLANNING Corp purchased a new position in shares of SoundHound AI in the third quarter valued at $354,000. CIBC Bancorp USA Inc. bought a new stake in shares of SoundHound AI during the 3rd quarter valued at $628,000. WBI Investments LLC bought a new stake in shares of SoundHound AI during the 3rd quarter valued at $887,000. Finally, Captrust Financial Advisors lifted its holdings in SoundHound AI by 136.0% during the 3rd quarter. Captrust Financial Advisors now owns 215,091 shares of the company’s stock worth $3,459,000 after purchasing an additional 123,960 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on SOUN. Piper Sandler lifted their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. DA Davidson reiterated a “buy” rating and issued a $17.00 price objective on shares of SoundHound AI in a research note on Tuesday, November 18th. Oppenheimer initiated coverage on SoundHound AI in a research report on Thursday, September 11th. They issued a “market perform” rating for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $17.07.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.