SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus Sells 25,000 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 25,000 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now directly owns 128,117 shares of the company’s stock, valued at $1,793,638. This represents a 16.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Lawrence Marcus also recently made the following trade(s):

• On Thursday, November 21st, Lawrence Marcus sold 30,000 shares of SoundHound AI stock. The shares were sold at an average price of $7.15, for a total value of $214,500.00.

SoundHound AI Price Performance

SOUN stock traded up $2.78 during trading on Monday, hitting $19.69. 176,543,847 shares of the company’s stock traded hands, compared to its average volume of 39,036,742. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $19.97. The stock has a market capitalization of $7.28 billion, a price-to-earnings ratio of -52.39 and a beta of 3.03. The business has a fifty day simple moving average of $7.48 and a 200 day simple moving average of $5.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright lifted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Wedbush increased their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.50.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. purchased a new stake in SoundHound AI during the 3rd quarter valued at $177,000. Sanctuary Advisors LLC raised its stake in shares of SoundHound AI by 13.8% in the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock valued at $140,000 after acquiring an additional 3,642 shares during the period. Geode Capital Management LLC raised its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the period. MML Investors Services LLC bought a new stake in shares of SoundHound AI in the 3rd quarter worth about $86,000. Finally, State Street Corp boosted its stake in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares during the period. 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.