SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami Sells 28,392 Shares

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 shares were sold at an average price of $9.90, for a total value of $281,080.80. Following the completion of the transaction, the vice president now owns 669,834 shares in the company, valued at $6,631,356.60. This represents a 4.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

SoundHound AI Price Performance

Shares of SOUN opened at $10.20 on Wednesday. The company has a market cap of $4.01 billion, a P/E ratio of -28.33 and a beta of 2.62. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two 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. The firm’s 50 day moving average price is $12.09 and its 200 day moving average price is $10.52.

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

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Kieckhefer Group LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $3,432,000. Charles Schwab Investment Management Inc. raised its holdings in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund purchased a new stake in shares of SoundHound AI during the 4th quarter worth $8,964,000. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC purchased a new position in SoundHound AI in the fourth quarter valued at $357,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SOUN. HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson boosted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.86.

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.