Nitesh Sharan Sells 57,761 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 57,761 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $1,172,548.30. Following the completion of the transaction, the chief financial officer now owns 1,502,650 shares of the company’s stock, valued at $30,503,795. This represents a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

SoundHound AI Price Performance

NASDAQ SOUN opened at $23.95 on Friday. The stock’s fifty day moving average price is $10.66 and its 200 day moving average price is $6.81. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $8.86 billion, a price-to-earnings ratio of -66.53 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The company’s revenue was up 88.7% on a year-over-year basis. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of the business. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter valued at $28,000. NBC Securities Inc. boosted its holdings in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in SoundHound AI in the second quarter valued at $31,000. Farther Finance Advisors LLC grew its position in SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares during the period. Finally, Amalgamated Bank lifted its holdings in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent analyst reports. HC Wainwright boosted their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

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.