SoundHound AI, Inc. (NASDAQ:SOUN) CFO Sells $193,872.64 in Stock

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

SoundHound AI Stock Performance

SOUN stock opened at $4.89 on Thursday. SoundHound AI, Inc. has a 1 year low of $1.49 and a 1 year high of $10.25. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -12.87 and a beta of 2.74. The stock’s fifty day moving average is $4.84 and its two-hundred day moving average is $4.97.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the prior year, the business earned ($0.10) earnings per share. The company’s revenue for the quarter was up 53.8% compared to the same quarter last year. As a group, analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. grew its position in SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after acquiring an additional 209,154 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of SoundHound AI by 92.7% during 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, SG Americas Securities LLC increased its position in SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after buying an additional 195,011 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

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.