Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CEO Sells $2,460,238.20 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CEO Keyvan Mohajer sold 121,194 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $2,460,238.20. Following the transaction, the chief executive officer now directly owns 2,177,954 shares in the company, valued at approximately $44,212,466.20. This trade represents a 5.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Keyvan Mohajer also recently made the following trade(s):

• On Tuesday, December 24th, Keyvan Mohajer sold 156,288 shares of SoundHound AI stock. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60.
• On Friday, December 6th, Keyvan Mohajer sold 368,041 shares of SoundHound AI stock. The shares were sold at an average price of $15.00, for a total transaction of $5,520,615.00.
• On Monday, December 9th, Keyvan Mohajer sold 465,394 shares of SoundHound AI stock. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76.

SoundHound AI Stock Down 1.2 %

Shares of NASDAQ SOUN opened at $23.95 on Friday. The firm’s 50 day moving average price is $10.66 and its 200 day moving average price is $6.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market cap of $8.86 billion, a P/E ratio of -66.53 and a beta of 3.03. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Bank of New York Mellon Corp boosted its position in shares of 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 worth $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Harbour Investments Inc. raised its stake in SoundHound AI by 5.1% during the second quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock worth $236,000 after purchasing an additional 2,923 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of SoundHound AI by 106.6% in the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock valued at $151,000 after purchasing an additional 19,780 shares during the last quarter. Signaturefd LLC grew its stake in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the 2nd quarter worth $31,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

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.