SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus Sells 30,000 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 30,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

SoundHound AI Price Performance

SoundHound AI stock opened at $8.03 on Tuesday. The business has a 50 day simple moving average of $5.57 and a 200 day simple moving average of $5.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market capitalization of $2.97 billion, a PE ratio of -22.31 and a beta of 2.71. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $10.25.

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

Institutional Trading of SoundHound AI

Several large investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in SoundHound AI by 124.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,112 shares of the company’s stock valued at $431,000 after purchasing an additional 40,495 shares during the last quarter. Bayesian Capital Management LP acquired a new position in SoundHound AI in the first quarter worth $162,000. Janus Henderson Group PLC grew its holdings in shares of SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after purchasing an additional 409,917 shares during the last quarter. Finally, Strategic Wealth Partners Ltd. acquired a new stake in shares of SoundHound AI in the first quarter valued at $73,000. 19.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SOUN has been the subject of several research analyst reports. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. LADENBURG THALM/SH SH reiterated 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 price target on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Northland Securities lifted their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

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.