Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CFO Sells 48,639 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 48,639 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were 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 of the company’s stock, 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 SEC, which is available at the SEC website.

SoundHound AI Price Performance

SoundHound AI stock opened at $9.38 on Thursday. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -26.06 and a beta of 2.62. SoundHound AI, Inc. has a 52-week low of $3.50 and a 52-week high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock’s 50 day moving average price is $12.00 and its two-hundred day moving average price is $10.52.

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

Institutional Trading of SoundHound AI

Several large investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its position in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC bought a new position in shares of SoundHound AI in the 4th quarter worth $30,000. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI in the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI during the 4th quarter valued at $40,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on SOUN. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Wedbush raised their price target 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. Finally, Northland Securities upped their price objective 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. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target 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.