Nitesh Sharan Sells 111,111 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CFO Nitesh Sharan sold 111,111 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,039,998.96. Following the sale, the chief financial officer now owns 1,442,900 shares of the company's stock, valued at approximately $13,505,544. This represents a 7.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

SoundHound AI Price Performance

NASDAQ SOUN traded up $0.33 during trading on Tuesday, reaching $9.82. The company's stock had a trading volume of 48,185,773 shares, compared to its average volume of 39,212,397. SoundHound AI, Inc. has a one year low of $3.82 and a one year high of $24.98. The firm has a fifty day moving average of $9.61 and a 200 day moving average of $11.96.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. The company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. SoundHound AI's quarterly revenue was up 151.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.07) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. boosted its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after acquiring an additional 830 shares during the period. Orion Capital Management LLC purchased a new stake in SoundHound AI in the 4th quarter worth approximately $30,000. AlphaQuest LLC purchased a new stake in SoundHound AI in the 1st quarter worth approximately $32,000. Golden State Wealth Management LLC lifted its holdings in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after buying an additional 2,115 shares during the period. Finally, BIT Capital GmbH purchased a new stake in SoundHound AI in the 4th quarter worth approximately $43,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SOUN has been the subject of several recent research reports. Piper Sandler initiated coverage on SoundHound AI in a report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price target for the company. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. HC Wainwright dropped their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, DA Davidson dropped their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

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.

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