Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) VP Sells 60,295 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) VP Majid Emami sold 60,295 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $10.00, for a total transaction of $602,950.00. Following the transaction, the vice president now owns 477,657 shares of the company's stock, valued at approximately $4,776,570. This represents a 11.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Majid Emami also recently made the following trade(s):

• On Friday, June 20th, Majid Emami sold 79,530 shares of SoundHound AI stock. The shares were sold at an average price of $9.36, for a total transaction of $744,400.80.
• On Tuesday, June 10th, Majid Emami sold 132,352 shares of SoundHound AI stock. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08.

SoundHound AI Stock Performance

Shares of NASDAQ SOUN traded up $0.33 during midday trading on Tuesday, hitting $9.82. 48,185,773 shares of the company's stock were exchanged, compared to its average volume of 39,212,397. SoundHound AI, Inc. has a 12 month low of $3.82 and a 12 month high of $24.98. The company's 50 day moving average price is $9.61 and its 200 day moving average price is $11.96.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The company's quarterly revenue was up 151.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) earnings per share. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Piper Sandler initiated coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price objective for the company. DA Davidson dropped their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. HC Wainwright decreased their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Keynote Financial Services LLC boosted its position in shares of SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after acquiring an additional 752 shares during the period. Blue Trust Inc. boosted its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after purchasing an additional 830 shares during the period. Russell Investments Group Ltd. boosted its holdings in SoundHound AI by 16.4% in the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after purchasing an additional 929 shares during the period. Creative Financial Designs Inc. ADV boosted its holdings in SoundHound AI by 13.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock valued at $165,000 after purchasing an additional 1,000 shares during the period. Finally, CreativeOne Wealth LLC boosted its holdings in SoundHound AI by 3.7% in the 4th quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company's stock valued at $595,000 after purchasing an additional 1,073 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.

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