Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CEO Sells 63,544 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Friday, September 20th, Keyvan Mohajer sold 90,641 shares of SoundHound AI stock. The stock was sold at an average price of $4.88, for a total value of $442,328.08.

SoundHound AI Trading Up 0.4 %

Shares of NASDAQ:SOUN traded up $0.02 on Tuesday, hitting $4.90. The company had a trading volume of 11,923,487 shares, compared to its average volume of 36,062,578. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -12.66 and a beta of 2.74. The stock has a 50 day moving average price of $4.87 and a 200 day moving average price of $4.98. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.10) EPS. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in SoundHound AI by 16.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares during the period. Vanguard Group Inc. lifted its holdings in shares of SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after acquiring an additional 209,154 shares during the period. Bank of New York Mellon Corp grew its stake 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 valued at $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after acquiring an additional 195,011 shares during the period. Institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

SOUN has been the topic of several recent analyst reports. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, August 9th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Northland Securities boosted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.08.

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.