Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CFO Sells 48,639 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 48,639 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $481,526.10. Following the sale, the chief financial officer now owns 1,454,011 shares in the company, valued at $14,394,708.90. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $10.20 on Wednesday. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm’s 50-day simple moving average is $12.09 and its 200 day simple moving average is $10.52. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of -28.33 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. DA Davidson increased their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $12.86.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. increased its position in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in SoundHound AI during the fourth quarter worth about $41,595,000. Invesco Ltd. increased its holdings in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after buying an additional 1,289,360 shares during the period. Driehaus Capital Management LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at approximately $16,421,000. Finally, Capital Fund Management S.A. bought a new stake in shares of SoundHound AI during the 4th quarter worth approximately $16,092,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.