Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CEO Sells 118,605 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the sale, the chief executive officer now owns 1,903,061 shares in the company, valued at $18,840,303.90. This represents a 5.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, March 24th, Keyvan Mohajer sold 138,895 shares of SoundHound AI stock. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60.
• 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.

SoundHound AI Stock Down 1.1 %

Shares of NASDAQ:SOUN opened at $10.20 on Wednesday. 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 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 12 month low of $3.50 and a 12 month high of $24.98. The company’s 50-day moving average price is $12.09 and its two-hundred day moving average price is $10.52.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results 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 net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Ratings Changes

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

Hedge Funds Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in SoundHound AI in the fourth quarter valued at approximately $41,595,000. Invesco Ltd. lifted its holdings in SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after buying an additional 1,289,360 shares during the period. Driehaus Capital Management LLC acquired a new stake in SoundHound AI during the 4th quarter worth $16,421,000. Finally, Capital Fund Management S.A. bought a new stake in shares of SoundHound AI during the 4th quarter valued at $16,092,000. 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.