Nitesh Sharan Sells 39,728 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the sale, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

SoundHound AI Stock Down 0.2 %

NASDAQ:SOUN opened at $4.89 on Thursday. The stock has a market cap of $1.61 billion, a PE ratio of -12.87 and a beta of 2.74. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The firm’s fifty day simple moving average is $4.84 and its 200-day simple moving average is $4.97.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same period last year, the company posted ($0.10) EPS. Equities analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on SOUN. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Northland Securities lifted their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.00 to $7.00 in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its holdings in shares of 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 valued at $10,278,000 after acquiring an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA purchased a new stake in SoundHound AI during the 1st quarter worth $6,659,000. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position 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 purchasing an additional 409,917 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.