Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CEO Sells 368,041 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CEO Keyvan Mohajer sold 368,041 shares of SoundHound AI stock in a transaction that occurred on Friday, December 6th. The stock was 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 owns 2,299,148 shares of the company's stock, valued at $34,487,220. This represents a 13.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $15.04, for a total value of $6,999,525.76.
• On Monday, September 23rd, Keyvan Mohajer sold 63,544 shares of SoundHound AI stock. The shares were sold at an average price of $4.92, for a total transaction 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 Stock Performance

Shares of NASDAQ:SOUN traded down $0.83 during trading hours on Tuesday, hitting $14.23. The stock had a trading volume of 88,813,180 shares, compared to its average volume of 37,752,652. The stock's fifty day simple moving average is $6.88 and its 200 day simple moving average is $5.48. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $16.07. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of -39.53 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new stake in SoundHound AI in the 2nd quarter worth $31,000. NBC Securities Inc. boosted its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Amalgamated Bank increased its holdings in 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 purchasing an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company's stock worth $41,000 after buying an additional 2,200 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush restated an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. DA Davidson restated a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, HC Wainwright upped their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $7.64.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.