Insider Selling: SoundHound AI (NASDAQ:SOUN) CFO Sells 60,780 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 60,780 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $685,598.40. Following the completion of the sale, the chief financial officer owned 1,705,148 shares of the company’s stock, valued at approximately $19,234,069.44. The trade was a 3.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Nitesh Sharan also recently made the following trade(s):

• On Tuesday, October 14th, Nitesh Sharan sold 60,376 shares of SoundHound AI stock. The shares were sold at an average price of $21.21, for a total value of $1,280,574.96.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN traded down $0.29 during mid-day trading on Monday, reaching $10.41. 20,984,708 shares of the company traded hands, compared to its average volume of 43,209,066. The company’s 50 day moving average price is $13.38 and its 200-day moving average price is $13.46. The firm has a market cap of $4.37 billion, a PE ratio of -12.39 and a beta of 2.63. SoundHound AI, Inc. has a 52 week low of $6.52 and a 52 week high of $23.50.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.06. The business had revenue of $42.05 million for the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The company’s revenue for the quarter was up 67.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in SoundHound AI by 16.4% in the 3rd quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock worth $698,798,000 after acquiring an additional 6,132,648 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of SoundHound AI by 84.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock valued at $40,390,000 after purchasing an additional 2,274,105 shares in the last quarter. Jump Financial LLC bought a new stake in SoundHound AI in the third quarter worth $21,679,000. HRT Financial LP purchased a new stake in SoundHound AI during the second quarter valued at $11,914,000. Finally, Goldman Sachs Group Inc. lifted its position in SoundHound AI by 69.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after purchasing an additional 1,085,473 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. HC Wainwright increased their price target on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Piper Sandler increased their target price on SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Oppenheimer started coverage on SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating for the company. Finally, Wedbush reiterated an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a research report on Thursday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.07.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.