SoundHound AI (NASDAQ:SOUN) CFO Nitesh Sharan Sells 126,596 Shares

Key Points

• SoundHound AI CFO Nitesh Sharan sold 126,596 shares of the company's stock at an average price of $16.58, totaling approximately $2.1 million, resulting in a 6.58% decrease in his ownership.
• Despite a negative EPS of ($0.19), SoundHound AI's revenue for the quarter increased by 216.3% year-over-year, reaching $42.68 million.
• Institutional investors significantly raised their positions in SoundHound AI, with Northwestern Mutual Wealth Management increasing its holdings by 83.1% in the second quarter.

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CFO Nitesh Sharan sold 126,596 shares of SoundHound AI stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.58, for a total value of $2,098,961.68. Following the sale, the chief financial officer directly owned 1,796,304 shares of the company's stock, valued at approximately $29,782,720.32. This trade represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

SoundHound AI Stock Performance

SoundHound AI stock traded down $0.27 during mid-day trading on Wednesday, reaching $17.78. 63,330,567 shares of the company were exchanged, compared to its average volume of 45,588,484. The business has a fifty day moving average of $13.28 and a 200 day moving average of $10.89. The firm has a market cap of $7.25 billion, a P/E ratio of -28.22 and a beta of 2.58. SoundHound AI, Inc. has a 12-month low of $4.45 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The business had revenue of $42.68 million for the quarter, compared to analysts' expectations of $32.88 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The business's revenue for the quarter was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company's stock valued at $25,000 after purchasing an additional 1,060 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in SoundHound AI by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company's stock valued at $27,000 after purchasing an additional 1,023 shares during the last quarter. AlphaQuest LLC acquired a new stake in SoundHound AI in the 1st quarter valued at approximately $32,000. Huntington National Bank increased its holdings in SoundHound AI by 48.8% in the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company's stock valued at $33,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Golden State Wealth Management LLC increased 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 valued at $34,000 after purchasing an additional 2,115 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Oppenheimer assumed coverage on SoundHound AI in a report on Thursday, September 11th. They set a "market perform" rating for the company. LADENBURG THALM/SH SH raised shares of SoundHound AI from a "neutral" rating to a "buy" rating and increased their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. DA Davidson lifted their price target on SoundHound AI from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Wedbush reiterated an "outperform" rating and set a $16.00 price target on shares of SoundHound AI in a research report on Thursday, September 11th. Finally, HC Wainwright restated a "buy" rating and issued a $18.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $14.36.

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.

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