SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami Sells 60,295 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) VP Majid Emami sold 60,295 shares of the company’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $10.00, for a total value of $602,950.00. Following the completion of the transaction, the vice president now directly owns 477,657 shares in the company, valued at $4,776,570. This trade represents a 11.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Friday, June 20th, Majid Emami sold 79,530 shares of SoundHound AI stock. The stock was sold at an average price of $9.36, for a total value of $744,400.80.
• On Tuesday, June 10th, Majid Emami sold 132,352 shares of SoundHound AI stock. The stock was sold at an average price of $10.04, for a total transaction of $1,328,814.08.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $9.57 on Thursday. The company has a market cap of $3.84 billion, a PE ratio of -17.40 and a beta of 2.64. The firm’s 50 day moving average price is $9.67 and its 200-day moving average price is $11.93. SoundHound AI, Inc. has a 52-week low of $3.82 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The business had revenue of $29.13 million for the quarter, compared to analysts’ expectations of $30.38 million. During the same quarter last year, the firm earned ($0.07) EPS. The business’s revenue for the quarter was up 151.2% on a year-over-year basis. On average, analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its stake 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 purchasing an additional 830 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of SoundHound AI by 10.5% in the 4th quarter. Rhumbline Advisers now owns 419,676 shares of the company’s stock valued at $8,326,000 after buying an additional 39,795 shares in the last quarter. Sanctuary Advisors LLC grew its position in shares of SoundHound AI by 48.8% in the 4th quarter. Sanctuary Advisors LLC now owns 44,618 shares of the company’s stock worth $885,000 after buying an additional 14,642 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of SoundHound AI by 11.4% in the 4th quarter. New York State Common Retirement Fund now owns 90,962 shares of the company’s stock worth $1,805,000 after buying an additional 9,300 shares during the last quarter. Finally, Sigma Planning Corp raised its stake in shares of SoundHound AI by 26.6% during the 4th quarter. Sigma Planning Corp now owns 27,398 shares of the company’s stock worth $544,000 after acquiring an additional 5,758 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research analyst reports. HC Wainwright decreased their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a report on Monday, May 12th. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an “overweight” rating and a $12.00 price objective on the stock. DA Davidson decreased their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Wedbush lowered their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.