SoundHound AI, Inc. (NASDAQ:SOUN) Director Sells $214,500.00 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares of the company’s stock, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

SoundHound AI Stock Down 2.7 %

Shares of NASDAQ:SOUN opened at $8.03 on Tuesday. The company has a 50 day moving average price of $5.57 and a two-hundred day moving average price of $5.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $2.97 billion, a PE ratio of -22.31 and a beta of 2.71. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter last year, the business posted ($0.09) EPS. The firm’s revenue was up 88.7% compared to the same quarter last year. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI during the third quarter worth $4,193,000. Geode Capital Management LLC lifted its position in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after purchasing an additional 409,917 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities lifted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

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.