SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CFO Nitesh Sharan sold 57,761 shares of SoundHound AI stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $1,172,548.30. Following the transaction, the chief financial officer now owns 1,502,650 shares in the company, valued at approximately $30,503,795. The trade was a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.
SOUN traded up $3.99 during midday trading on Thursday, hitting $24.23. 129,107,203 shares of the company's stock traded hands, compared to its average volume of 41,064,262. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $8.96 billion, a PE ratio of -67.31 and a beta of 3.03. The stock's fifty day simple moving average is $9.91 and its 200-day simple moving average is $6.54. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.98.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI's revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.
A number of research analysts have recently weighed in on SOUN shares. LADENBURG THALM/SH SH reiterated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Barclays restated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright upped their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a "buy" rating in a research note on Monday. Finally, DA Davidson reissued a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $12.07.
Check Out Our Latest Research Report on SoundHound AI
A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. State Street Corp lifted its holdings in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after purchasing an additional 42,869 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after buying an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. grew its stake in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock valued at $12,033,000 after buying an additional 189,109 shares during the last quarter. Bank of New York Mellon Corp lifted its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI in the third quarter valued at about $4,193,000. Institutional investors and hedge funds own 19.28% of the company's stock.
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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