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 the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $481,526.10. Following the completion of the sale, the chief financial officer now owns 1,454,011 shares in the company, valued at $14,394,708.90. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

SoundHound AI Trading Up 4.6 %

SOUN stock traded up $0.45 during trading on Monday, hitting $10.31. The company had a trading volume of 26,353,351 shares, compared to its average volume of 38,602,530. The firm has a 50-day moving average price of $12.19 and a 200-day moving average price of $10.44. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.62.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in shares of SoundHound AI during the fourth quarter worth approximately $7,789,000. California State Teachers Retirement System grew its holdings in SoundHound AI by 13.6% during the 4th quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock worth $6,023,000 after acquiring an additional 36,422 shares during the period. Objective Capital Management LLC raised its position in shares of SoundHound AI by 25.0% during the 4th 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 during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of SoundHound AI by 171.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock valued at $1,385,000 after purchasing an additional 44,059 shares during the period. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of SoundHound AI in the 4th quarter worth $544,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SOUN. DA Davidson boosted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Wedbush upped 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. Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price 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.