Insider Selling: SoundHound AI, Inc. VP Transactions

On Monday, December 9th, Majid Emami, the Vice President of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report), executed a significant sale of 298,086 shares of the company's stock. The shares were sold at an average price of $15.04, accumulating a total transaction value of $4,483,213.44. Following this transaction, Emami’s ownership in the company decreased to 735,685 shares, which is now valued at approximately $11,064,702.40. This reflects a 28.83% decline in his overall position in the company. The details of this sale were reported in a filing with the SEC, which is accessible through public records.

In addition to this recent sale, Majid Emami made other notable transactions within the same month. On December 6th, he sold 368,662 shares at an average price of $15.00, resulting in a total value of $5,529,930.00. Earlier, on December 2nd, he sold 94,067 shares at an average price of $9.05, which totaled $851,306.35.

Performance of SoundHound AI Stock

On Tuesday, following these transactions, SoundHound AI's stock traded down $0.83, reaching a midday price of $14.23. The trading volume for the day was notably high, reaching 88,813,180 shares in comparison to its average volume of 37,752,652 shares. The company's market capitalization stands at $5.26 billion, with a price-to-earnings ratio of -39.53 and a beta of 3.03. Over the past year, the stock has seen a low of $1.62 and a high of $16.07, with current moving averages of $6.88 over 50 days and $5.48 over 200 days.

Recent Earnings Report and Analyst Ratings

SoundHound AI recently released its quarterly earnings data on November 12th, where it reported earnings per share (EPS) of ($0.06), beating analysts' expectations of ($0.07) by a narrow margin. The firm generated revenue of $25.10 million during the quarter, surpassing the expected $23.02 million. Despite the positive revenue growth of 88.7% year-over-year, the company recorded a negative return on equity of 55.58% and a significant net margin deficit of 163.58%. Looking ahead, analysts predict that SoundHound AI will report an EPS of -0.38 for the current year.

Institutional Investor Activity

In recent weeks, various institutional investors have adjusted their holdings in SoundHound AI. For instance, Kings Path Partners LLC acquired a new stake valued at approximately $28,000, while International Assets Investment Management LLC also made a new purchase valued around $31,000. Additionally, NBC Securities Inc. saw a 97.8% increase in their stake in SoundHound AI, owning 7,720 shares now valued at $35,000. Other firms, including Amalgamated Bank and Signaturefd LLC, have similarly added to their positions.

Price Target Updates from Analysts

SoundHound AI has attracted attention from several research analysts, with many issuing new price targets. Wedbush reaffirmed an "outperform" rating with a price target of $9.00, while HC Wainwright raised its target from $7.00 to $8.00, affirming a "buy" rating. DA Davidson also maintained a "buy" rating with a price target of $9.50. Currently, the consensus rating for SoundHound AI stock is "Moderate Buy" with an average price target of $7.64.

About SoundHound AI

SoundHound AI, Inc. specializes in advanced voice artificial intelligence solutions primarily for the automotive, television, and Internet of Things (IoT) sectors. The company's offerings include the Houndify platform, which assists companies in developing voice assistants, as well as products like SoundHound Chat AI that integrate with various knowledge domains.

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