SoundHound AI, Inc. (NASDAQ:SOUN) CFO Sells $481,526.10 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 48,639 shares of SoundHound AI 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 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 legal filing with the Securities & Exchange Commission, which is available through this link.

SoundHound AI Stock Up 4.6 %

Shares of NASDAQ:SOUN traded up $0.45 during mid-day trading on Monday, reaching $10.31. 26,353,351 shares of the stock were exchanged, compared to its average volume of 38,602,530. The company has a market cap of $4.05 billion, a P/E ratio of -28.64 and a beta of 2.62. The stock’s 50 day simple moving average is $12.19 and its 200-day simple moving average is $10.44. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson boosted their price objective on 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 raised 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.86.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC boosted its position in SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after purchasing an additional 315,897 shares during the last quarter. State Street Corp grew its stake in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Northern Trust Corp increased its position in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after purchasing an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

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.