Majid Emami Sells 37,459 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the sale, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This trade represents a 5.09 % 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 Friday, December 6th, Majid Emami sold 368,662 shares of SoundHound AI stock. The stock was sold at an average price of $15.00, for a total value of $5,529,930.00.
• On Monday, December 9th, Majid Emami sold 298,086 shares of SoundHound AI stock. The shares were sold at an average price of $15.04, for a total transaction of $4,483,213.44.
• On Monday, December 2nd, Majid Emami sold 94,067 shares of SoundHound AI stock. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35.

SoundHound AI Stock Down 1.2 %

Shares of SoundHound AI stock opened at $23.95 on Friday. SoundHound AI, Inc. has a 52-week low of $1.62 and a 52-week high of $24.98. The company has a 50 day moving average of $10.66 and a 200 day moving average of $6.80. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.86 billion, a P/E ratio of -66.53 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The company’s revenue was up 88.7% compared to the same quarter last year. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SOUN. DA Davidson restated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. HC Wainwright boosted their price objective on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.07.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Carnegie Investment Counsel acquired a new stake in SoundHound AI during the third quarter worth approximately $4,193,000. Geode Capital Management LLC raised its stake in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Bank of New York Mellon Corp lifted its position in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Shellback Capital LP acquired a new position in SoundHound AI in the second quarter valued at $1,196,000. Finally, Squarepoint Ops LLC grew its holdings in shares of SoundHound AI by 818.0% during the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after purchasing an additional 205,985 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.