Lawrence Marcus Sells 20,000 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now directly owns 108,117 shares of the company’s stock, valued at $2,213,154.99. This represents a 15.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Lawrence Marcus also recently made the following trade(s):

• On Thursday, December 12th, Lawrence Marcus sold 25,000 shares of SoundHound AI stock. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00.
• On Thursday, November 21st, Lawrence Marcus sold 30,000 shares of SoundHound AI stock. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00.

SoundHound AI Price Performance

SoundHound AI stock opened at $23.95 on Friday. The company has a market capitalization of $8.86 billion, a PE ratio of -66.53 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $10.66 and a two-hundred day moving average price of $6.80. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the company earned ($0.09) EPS. The firm’s revenue was up 88.7% compared to the same quarter last year. Analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp lifted its holdings in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the period. Geode Capital Management LLC lifted its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. Bank of New York Mellon Corp raised its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel acquired a new position in shares of SoundHound AI in the 3rd quarter worth approximately $4,193,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on SOUN shares. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright raised their price objective on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush raised their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $12.07.

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.