SoundHound AI (NASDAQ:SOUN) CFO Sells 60,376 Shares

Key Points

• SoundHound AI's CFO, Nitesh Sharan, sold 60,376 shares at an average price of $21.21, totaling approximately $1.28 million, reducing his holdings by 3.31%.
• The company's stock experienced a 3.07% decline on Thursday, closing at $20.76, despite a significant year-to-date increase.
• SoundHound AI reported earnings of ($0.19) EPS for the last quarter, missing analyst estimates, but achieving a 216.3% increase in revenue compared to the previous year.

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CFO Nitesh Sharan sold 60,376 shares of the business's stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total transaction of $1,280,574.96. Following the completion of the transaction, the chief financial officer directly owned 1,765,928 shares of the company's stock, valued at approximately $37,455,332.88. This represents a 3.31% decrease in their position. The transaction 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 Monday, September 22nd, Nitesh Sharan sold 126,596 shares of SoundHound AI stock. The stock was sold at an average price of $16.58, for a total transaction of $2,098,961.68.

SoundHound AI Price Performance

NASDAQ SOUN traded down $0.64 during trading hours on Thursday, reaching $20.76. 42,292,996 shares of the stock traded hands, compared to its average volume of 46,846,512. The stock has a 50 day simple moving average of $15.38 and a two-hundred day simple moving average of $11.81. SoundHound AI, Inc. has a 1 year low of $4.86 and a 1 year high of $24.98. The company has a market cap of $8.46 billion, a price-to-earnings ratio of -32.95 and a beta of 2.60.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SOUN. Northland Capmk upgraded shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Piper Sandler reiterated a "neutral" rating and issued a $12.00 target price on shares of SoundHound AI in a research report on Monday, July 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of SoundHound AI in a research note on Tuesday. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and raised their price objective for the company from $9.00 to $16.00 in a research note on Monday, August 11th. Finally, Oppenheimer assumed coverage on SoundHound AI in a research note on Thursday, September 11th. They issued a "market perform" rating for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $15.50.

Institutional Trading of SoundHound AI

A number of institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its position in SoundHound AI by 83.1% during 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 stake in shares of SoundHound AI by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company's stock valued at $27,000 after buying an additional 1,023 shares during the period. Investors Research Corp raised its holdings in shares of SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company's stock valued at $29,000 after acquiring an additional 700 shares in the last quarter. AlphaQuest LLC purchased a new stake in SoundHound AI in the first quarter worth $32,000. Finally, Huntington National Bank lifted its stake in SoundHound AI by 48.8% in the second quarter. Huntington National Bank now owns 3,050 shares of the company's stock worth $33,000 after acquiring an additional 1,000 shares during the period. 19.28% of the stock is currently owned by hedge funds and other 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.

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