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 business’s stock in a transaction dated Friday, December 20th. The stock was 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 owns 1,502,650 shares in the company, valued at approximately $30,503,795. The trade was a 3.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

SoundHound AI Price Performance

NASDAQ SOUN traded up $3.99 during trading hours on Thursday, reaching $24.23. 129,107,203 shares of the company’s stock were exchanged, compared to its average volume of 41,064,262. The firm has a fifty day moving average of $9.91 and a 200-day moving average of $6.54. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.98. The stock has a market cap of $8.96 billion, a PE ratio of -67.31 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the previous year, the business posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI during the 3rd quarter worth about $4,193,000. FMR LLC lifted its holdings in shares of SoundHound AI by 112.8% during the third quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after buying an additional 25,989 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of SoundHound AI during the 3rd quarter worth approximately $305,000. 19.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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