SoundHound AI Director Sells $409,400 in Stock

On December 23rd, Lawrence Marcus, a director at SoundHound AI, Inc. (NASDAQ:SOUN), sold 20,000 shares of the company's stock. The transaction, executed at an average price of $20.47 per share, totaled $409,400. Following this sale, Marcus now owns 108,117 shares, which are valued at around $2,213,154.99. This sale marks a 15.61% decrease in his ownership of the company's stock. The details of the transaction were disclosed in a document filed with the SEC, which can be accessed on the SEC website.

In recent trading activities, Lawrence Marcus has made additional stock transactions: on December 12th, he sold 25,000 shares at an average price of $14.00, resulting in a total of $350,000. Prior to that, on November 21st, he sold 30,000 shares at an average price of $7.15, amounting to $214,500.

SoundHound AI Stock Performance

On Thursday, SoundHound AI shares increased by 19.7%, reaching $24.23 during mid-day trading. The trading volume for the day was 129,107,203 shares, significantly higher than the average volume of 41,064,262. The company’s stock has a 50-day moving average of $9.91 and a 200-day moving average of $6.54. Currently, SoundHound AI has a market capitalization of $8.96 billion, with a price-to-earnings ratio of -67.31 and a beta of 3.03. The stock has experienced a 12-month low of $1.62 and a high of $24.98.

Recent Earnings and Projections

SoundHound AI recently released its quarterly earnings data on November 12th. The company reported earnings per share of ($0.06), beating analysts' estimates of ($0.07) by $0.01. Their revenue for the quarter was $25.10 million, surpassing the expected $23.02 million. Despite this growth, the company reported a negative net margin of 163.58% and a negative return on equity of 55.58%. Revenue saw an increase of 88.7% compared to the same quarter the previous year. Analysts predict that SoundHound AI will report earnings of -0.38 per share for the current fiscal year.

Analyst Ratings

Recently, SoundHound AI has been the subject of various analyst reports. LADENBURG THALM/SH SH reissued a "neutral" rating along with a $7.00 price target. Similarly, Barclays maintained a "neutral" rating with the same target price. In contrast, Wedbush raised its price target from $10.00 to $22.00, giving the stock an "outperform" rating. HC Wainwright also increased their target price from $8.00 to $26.00 and designated the stock as a "buy." DA Davidson reiterated a "buy" rating with a $9.50 target price. In total, three analysts have rated the stock as a hold while four rated it as a buy, leading to a consensus rating of "Moderate Buy" with an average target price of $12.07.

Institutional Investment Activity

Several institutional investors have altered their positions in SoundHound AI. State Street Corp raised its holdings by 0.6% during the third quarter, now owning 7,197,414 shares valued at $33,540,000. Geode Capital Management LLC increased its stake by 9.1%, giving them 7,193,599 shares worth $33,529,000. Charles Schwab Investment Management added 7.9% to its position, now holding 2,582,206 shares valued at $12,033,000. Bank of New York Mellon Corp saw a significant increase of 92.7% in its holdings, now owning 997,543 shares worth $3,940,000. Additionally, Carnegie Investment Counsel acquired a new stake in the company during this quarter, worth approximately $4,193,000. Currently, institutional investors and hedge funds hold 19.28% of the company's stock.

Company Overview

SoundHound AI, Inc. specializes in developing advanced voice artificial intelligence (AI) solutions for various industries including automotive, television, IoT, and customer service sectors. Their offerings include the Houndify platform, which provides tools for brands to create conversational voice assistants, as well as SoundHound Chat AI, which pulls real-time data from knowledge domains like weather and sports.

SoundHound, Stock, Transaction