Nitesh Sharan Sells 60,376 Shares of SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CFO Nitesh Sharan sold 60,376 shares of the firm’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $21.21, for a total value of $1,280,574.96. Following the transaction, the chief financial officer directly owned 1,765,928 shares in the company, valued at $37,455,332.88. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Monday, September 22nd, Nitesh Sharan sold 126,596 shares of SoundHound AI stock. The shares were sold at an average price of $16.58, for a total value of $2,098,961.68.

SoundHound AI Trading Down 8.4%

Shares of NASDAQ:SOUN opened at $19.02 on Friday. The stock’s 50-day moving average price is $15.69 and its 200-day moving average price is $11.97. SoundHound AI, Inc. has a 12-month low of $4.86 and a 12-month high of $24.98. The stock has a market capitalization of $7.75 billion, a P/E ratio of -30.19 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). The firm had revenue of $42.68 million for 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%.The business’s revenue for the quarter was up 216.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Trading of SoundHound AI

Large investors have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in SoundHound AI during the 1st quarter valued at approximately $2,395,000. Northern Trust Corp boosted its position in SoundHound AI by 2.5% during the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock valued at $24,190,000 after acquiring an additional 72,766 shares in the last quarter. Carnegie Investment Counsel boosted its position in SoundHound AI by 8.9% during the 1st quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company’s stock valued at $8,131,000 after acquiring an additional 87,810 shares in the last quarter. Liontrust Investment Partners LLP purchased a new position in shares of SoundHound AI during the first quarter valued at approximately $1,639,000. Finally, First Manhattan CO. LLC. purchased a new position in shares of SoundHound AI during the first quarter valued at approximately $985,000. 19.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SOUN shares. Piper Sandler reiterated a “neutral” rating and set a $12.00 target price on shares of SoundHound AI in a report on Monday, July 14th. HC Wainwright increased their target price on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday. Oppenheimer started coverage on shares of SoundHound AI in a report on Thursday, September 11th. They set a “market perform” rating for the company. LADENBURG THALM/SH SH upgraded 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 report on Monday, August 11th. Finally, Wall Street Zen lowered shares of SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.50.

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.