Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CFO Sells 39,728 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction on 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 sale, 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 legal filing with the Securities & Exchange Commission, which is available at this link.

SoundHound AI Trading Up 0.4 %

Shares of SOUN traded up $0.02 during trading hours on Tuesday, reaching $4.90. 11,923,487 shares of the stock traded hands, compared to its average volume of 36,062,578. SoundHound AI, Inc. has a 52 week low of $1.49 and a 52 week high of $10.25. The stock has a fifty day simple moving average of $4.87 and a 200 day simple moving average of $4.98. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -12.66 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last posted its 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 firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) EPS. Analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on SOUN shares. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Friday, August 9th. Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. 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 report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.08.

Institutional Trading of SoundHound AI

Hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. grew its stake in SoundHound AI by 16.5% in the 1st 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 during the period. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Commonwealth Equity Services LLC grew its position in SoundHound AI by 239.7% during the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares during the period. Bank of New York Mellon Corp grew its position in SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Finally, SG Americas Securities LLC raised its position in SoundHound AI by 1,039.3% in the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after acquiring an additional 195,011 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.