SoundHound AI, Inc. (NASDAQ:SOUN) CFO Sells $1,172,548.30 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 57,761 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $1,172,548.30. Following the transaction, the chief financial officer now directly owns 1,502,650 shares in the company, valued at approximately $30,503,795. This represents a 3.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

SoundHound AI Price Performance

Shares of SOUN stock opened at $23.95 on Friday. The company has a market capitalization of $8.86 billion, a P/E ratio of -66.53 and a beta of 3.03. The company’s 50-day simple moving average is $10.66 and its two-hundred day simple moving average is $6.81. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.98. 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 announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

SOUN has been the subject of several recent analyst reports. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright lifted their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently made changes to their positions in SOUN. Kings Path Partners LLC bought a new position in SoundHound AI during the 2nd quarter worth about $28,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $31,000. NBC Securities Inc. boosted its stake in shares of 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 purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank increased its holdings 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 during the period. Finally, Signaturefd LLC raised its stake in SoundHound AI by 27.3% in 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 in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.