SoundHound AI, Inc. (NASDAQ:SOUN) Director Sells $214,500.00 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now directly owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

SoundHound AI Trading Up 3.5 %

Shares of SOUN stock opened at $7.88 on Thursday. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $10.25. The firm’s 50-day simple moving average is $5.63 and its 200-day simple moving average is $5.07. The firm has a market cap of $2.91 billion, a P/E ratio of -21.89 and a beta of 2.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter last year, the firm posted ($0.09) earnings per share. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in SOUN. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the 2nd quarter worth about $28,000. International Assets Investment Management LLC purchased a new position in SoundHound AI in the second quarter valued at approximately $31,000. NBC Securities Inc. lifted its position in 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 buying an additional 3,818 shares in the last quarter. Amalgamated Bank lifted its position in 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 buying an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC grew its stake in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after buying an additional 2,200 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. HC Wainwright raised their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

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.