SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan Sells 48,639 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 48,639 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $481,526.10. Following the transaction, the chief financial officer now directly owns 1,454,011 shares of the company’s stock, valued at $14,394,708.90. This represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $10.31 on Tuesday. 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 12-month low of $3.50 and a 12-month high of $24.98. The business’s 50 day moving average is $12.14 and its two-hundred day moving average is $10.48. The company has a market capitalization of $4.05 billion, a P/E ratio of -28.64 and a beta of 2.62.

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

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Wellington Management Group LLP purchased a new position in SoundHound AI in the 4th quarter valued at about $7,789,000. California State Teachers Retirement System raised its holdings in shares of SoundHound AI by 13.6% during the fourth quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock valued at $6,023,000 after acquiring an additional 36,422 shares during the last quarter. Objective Capital Management LLC lifted its position in shares of SoundHound AI by 25.0% in the fourth quarter. Objective Capital Management LLC now owns 25,000 shares of the company’s stock valued at $496,000 after acquiring an additional 5,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of SoundHound AI by 171.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock worth $1,385,000 after acquiring an additional 44,059 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of SoundHound AI during the fourth quarter worth approximately $544,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent research reports. DA Davidson raised their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Wedbush raised their price objective 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. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $12.86.

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.