Nitesh Sharan Sells 60,780 Shares of SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 60,780 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $685,598.40. Following the completion of the transaction, the chief financial officer directly 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 legal filing with the SEC, which can be accessed through the SEC website.

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

• On Tuesday, October 14th, Nitesh Sharan sold 60,376 shares of SoundHound AI stock. The stock was 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 trading on Monday, hitting $10.41. The company had a trading volume of 20,984,708 shares, compared to its average volume of 43,209,066. The stock has a market cap of $4.37 billion, a price-to-earnings ratio of -12.39 and a beta of 2.63. The company has a fifty day simple moving average of $13.38 and a two-hundred day simple moving average of $13.46. SoundHound AI, Inc. has a one year low of $6.52 and a one year high of $23.50.

SoundHound AI (NASDAQ:SOUN) last released 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 company had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.SoundHound AI’s quarterly revenue was up 67.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.04) EPS. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Swiss Life Asset Management Ltd increased its stake in shares of SoundHound AI by 67.9% during the third quarter. Swiss Life Asset Management Ltd now owns 17,001 shares of the company’s stock valued at $273,000 after buying an additional 6,878 shares during the period. KERR FINANCIAL PLANNING Corp bought a new position in SoundHound AI during the 3rd quarter worth about $354,000. CIBC Bancorp USA Inc. purchased a new position in SoundHound AI during the 3rd quarter valued at about $628,000. WBI Investments LLC bought a new stake in shares of SoundHound AI in the 3rd quarter valued at about $887,000. Finally, Captrust Financial Advisors raised its holdings in shares of SoundHound AI by 136.0% in the 3rd quarter. Captrust Financial Advisors now owns 215,091 shares of the company’s stock valued at $3,459,000 after purchasing an additional 123,960 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Oppenheimer began coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating for the company. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $13.00 to $15.00 in a research report on Friday, December 12th. HC Wainwright upped their target price on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. DA Davidson reiterated a “buy” rating and issued a $17.00 price target on shares of SoundHound AI in a report on Tuesday, November 18th. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.07.

About SoundHound AI

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.