Majid Emami Sells 132,352 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 132,352 shares of SoundHound AI stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total value of $1,328,814.08. Following the completion of the transaction, the vice president now owns 537,482 shares in the company, valued at $5,396,319.28. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $9.90, for a total value of $281,080.80.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $9.10 on Friday. The business’s 50 day moving average price is $9.46 and its 200 day moving average price is $11.96. The firm has a market cap of $3.66 billion, a P/E ratio of -25.28 and a beta of 2.64. SoundHound AI, Inc. has a 52 week low of $3.82 and a 52 week high of $24.98. 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 (NASDAQ:SOUN) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue for the quarter was up 151.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently bought and sold shares of the company. Blue Trust Inc. lifted 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 valued at $25,000 after acquiring an additional 830 shares during the period. Orion Capital Management LLC acquired a new position in SoundHound AI in the fourth quarter valued at approximately $30,000. AlphaQuest LLC acquired a new position in SoundHound AI in the first quarter valued at approximately $32,000. Golden State Wealth Management LLC lifted its holdings in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock valued at $34,000 after acquiring an additional 2,115 shares during the period. Finally, Compagnie Lombard Odier SCmA acquired a new position in SoundHound AI in the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.