SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan Sells 22,535 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 22,535 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $2.07, for a total transaction of $46,647.45. Following the completion of the sale, the chief financial officer now owns 798,913 shares in the company, valued at $1,653,749.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Wednesday, June 21st, Nitesh Sharan sold 16,188 shares of SoundHound AI stock. The shares were sold at an average price of $3.66, for a total transaction of $59,248.08.

SoundHound AI Trading Down 5.3 %

SOUN stock traded down $0.12 during trading on Tuesday, reaching $2.13. 7,052,566 shares of the stock traded hands, compared to its average volume of 14,704,644. The firm has a market capitalization of $512.71 million, a PE ratio of -4.02 and a beta of 0.67. The company has a debt-to-equity ratio of 4.80, a current ratio of 4.70 and a quick ratio of 4.70. The business’s 50 day moving average price is $2.52 and its 200-day moving average price is $2.75. SoundHound AI, Inc. has a 52-week low of $0.93 and a 52-week high of $5.11.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $8.75 million for the quarter, compared to analysts’ expectations of $8.07 million. The firm’s revenue for the quarter was up 42.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.19) EPS. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of SoundHound AI by 415.4% during the second quarter. BlackRock Inc. now owns 9,515,845 shares of the company’s stock worth $43,297,000 after purchasing an additional 7,669,606 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 145.7% during the second quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company’s stock valued at $12,375,000 after acquiring an additional 1,613,110 shares in the last quarter. State Street Corp increased its position in shares of SoundHound AI by 517.0% during the second quarter. State Street Corp now owns 2,716,747 shares of the company’s stock worth $12,361,000 after acquiring an additional 2,276,465 shares during the last quarter. No Street GP LP purchased a new position in SoundHound AI in the first quarter valued at about $5,520,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in SoundHound AI by 40.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,715,951 shares of the company’s stock valued at $7,808,000 after purchasing an additional 493,431 shares in the last quarter. 26.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SOUN shares. HC Wainwright started coverage on shares of SoundHound AI in a research note on Tuesday, September 5th. They set a “buy” rating and a $5.00 price target on the stock. Cantor Fitzgerald lowered their target price on shares of SoundHound AI from $6.20 to $4.20 and set an “overweight” rating for the company in a report on Wednesday, August 9th.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) platform that enables businesses across 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 automatic speech recognition, natural language understanding, wake words, custom domains, text-to-speech, and embedded voice solutions SoundHound AI, Inc was founded in 2005 and is headquartered in Santa Clara, California.