Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CEO Sells $5,520,615.00 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CEO Keyvan Mohajer sold 368,041 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $15.00, for a total value of $5,520,615.00. Following the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,487,220. The trade was a 13.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• 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 transaction of $6,999,525.76.
• On Monday, September 23rd, Keyvan Mohajer sold 63,544 shares of SoundHound AI stock. The stock was sold at an average price of $4.92, for a total value of $312,636.48.
• 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 transaction of $442,328.08.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $13.67 on Friday. 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 business has a 50 day moving average price of $7.23 and a 200 day moving average price of $5.60. The company has a market cap of $5.05 billion, a price-to-earnings ratio of -37.97 and a beta of 3.03. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $16.07.

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

Analysts Set New Price Targets

Several research firms recently issued reports on SOUN. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright boosted their target price on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SOUN. Kings Path Partners LLC acquired a new position in shares of SoundHound AI in the second quarter valued at $28,000. NBC Securities Inc. increased its holdings in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the period. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI in the 2nd quarter valued at $31,000. Farther Finance Advisors LLC lifted its holdings in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after acquiring an additional 6,716 shares during the period. Finally, Amalgamated Bank boosted its position in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. Institutional investors 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.