Insider Selling at SoundHound AI, Inc.

On December 9th, 2023, Majid Emami, the Vice President of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report), sold 298,086 shares of the company's stock. The shares were sold at an average price of $15.04, resulting in a total sale value of $4,483,213.44. After this transaction, Emami now directly owns 735,685 shares in SoundHound AI, which are valued at approximately $11,064,702.40. This sale reflects a 28.83% decrease in his holding.

The transaction details were disclosed in a filing with the Securities and Exchange Commission (SEC), which can be accessed for further information.

Majid Emami has been active in trading SoundHound AI stock recently. Prior to the sale on December 9th, he also sold shares on December 6th and December 2nd. Specifically, on December 6th, he sold 368,662 shares at an average price of $15.00, totaling $5,529,930.00. On December 2nd, he sold 94,067 shares at an average price of $9.05, amounting to $851,306.35.

Stock Performance

During midday trading on December 10th, SoundHound AI’s stock price dropped by $0.83, reaching $14.23. The trading volume for the day was approximately 88,813,180 shares, exceeding the average volume of 37,752,652 shares. Currently, the company has a market capitalization of $5.26 billion, with a price-to-earnings ratio of -39.53 and a beta of 3.03. The stock's 52-week range has been between $1.62 and $16.07, showing considerable volatility over the past year. Additionally, the 50-day simple moving average is $6.88, while the 200-day simple moving average is $5.48. SoundHound AI maintains a current ratio of 2.58, a quick ratio of 2.58, and a low debt-to-equity ratio of 0.13.

Quarterly Earnings Insights

SoundHound AI recently released its quarterly earnings report on November 12th, revealing a loss of ($0.06) earnings per share (EPS), which slightly surpassed analysts' estimates of ($0.07) EPS. The reported revenue for the quarter was $25.10 million, also exceeding expected figures of $23.02 million. Year-over-year, the company's revenue has shown impressive growth, increasing by 88.7%. In the same quarter last year, SoundHound AI reported a loss of ($0.09) EPS. Analysts predict that SoundHound AI will report a total of -0.38 EPS for the current fiscal year.

Institutional Investment Activity

Recently, several institutional investors have adjusted their positions concerning SoundHound AI shares. For instance, Kings Path Partners LLC acquired a new stake valued at around $28,000 during the second quarter. Similarly, International Assets Investment Management LLC invested around $31,000 in the same period. NBC Securities Inc. significantly increased its investment by purchasing additional shares, resulting in holdings valued at $35,000. Amalgamated Bank and Signaturefd LLC have also increased their stakes in SoundHound AI. Overall, institutional ownership stands at approximately 19.28%.

Analysts' Ratings and Price Targets

SoundHound AI has been discussed in several research reports, indicating varying outlooks from analysts. Wedbush maintained an “outperform” rating, setting a price objective at $9.00. HC Wainwright raised their target from $7.00 to $8.00 with a “buy” rating. Meanwhile, DA Davidson affirmed a “buy” recommendation with a price target of $9.50. Interestingly, some analysts have restated lower targets, emphasizing a conservative approach as reflected in the consensus rating of “Moderate Buy” with an average target of $7.64.

SoundHound AI, Inc. specializes in developing voice artificial intelligence (AI) solutions. Through its Houndify platform, the company provides tools for brands to create conversational voice assistants across various industries including automotive, TV, and customer service. Additionally, its offerings include innovative AI products that enhance customer interactions.

Insider, Selling, Stock