Nitesh Sharan Sells 22,384 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 22,384 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $90,431.36. Following the transaction, the chief financial officer now directly owns 728,633 shares in the company, valued at $2,943,677.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

SoundHound AI Trading Up 1.5 %

Shares of NASDAQ SOUN opened at $3.98 on Thursday. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25. The business has a fifty day moving average price of $4.63 and a 200 day moving average price of $4.06. The stock has a market capitalization of $1.31 billion, a P/E ratio of -10.47 and a beta of 2.87. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. During the same period in the previous year, the company posted ($0.12) earnings per share. The firm’s revenue was up 72.9% on a year-over-year basis. Equities research analysts expect that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its stake in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA acquired a new position in SoundHound AI during the 1st quarter valued at about $6,659,000. Janus Henderson Group PLC raised its stake in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during the last quarter. Finally, Aristides Capital LLC acquired a new stake in SoundHound AI in the first quarter worth about $1,765,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research analyst reports. DA Davidson increased their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Monday, May 13th. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Friday, May 10th. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

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.