Nitesh Sharan Sells 57,761 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 57,761 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $1,172,548.30. Following the transaction, the chief financial officer now directly owns 1,502,650 shares of the company’s stock, valued at $30,503,795. This represents a 3.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

SoundHound AI Price Performance

Shares of SoundHound AI stock opened at $23.95 on Friday. 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 market capitalization of $8.86 billion, a price-to-earnings ratio of -66.53 and a beta of 3.03. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $24.98. The firm’s 50-day moving average price is $10.66 and its two-hundred day moving average price is $6.80.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share 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 firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The company’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, equities analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of SoundHound AI

Hedge funds have recently modified their holdings of the stock. Kings Path Partners LLC bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $28,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $31,000. NBC Securities Inc. grew its stake in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. Amalgamated Bank grew its stake in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of analyst reports. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright upped their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush upped their target price 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 investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

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.