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 company’s stock in a transaction dated Friday, December 20th. The shares were 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 $30,503,795. The trade was a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

SoundHound AI Trading Up 19.7 %

Shares of NASDAQ:SOUN opened at $24.23 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.96 billion, a PE ratio of -67.31 and a beta of 3.03. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.98. The business’s fifty day simple moving average is $10.29 and its 200-day simple moving average is $6.67.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SOUN shares. HC Wainwright raised 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. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently bought and sold shares of the company. Oppenheimer & Co. Inc. lifted its holdings in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC raised its stake in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after buying an additional 1,975 shares during the last quarter. Signaturefd LLC boosted its holdings in SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its holdings in shares of SoundHound AI by 7.7% during the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock valued at $164,000 after acquiring an additional 2,522 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.