Nitesh Sharan, Chief Financial Officer of SoundHound AI Inc recently executed a significant insider sell-off, offloading 23,212 shares of the company on March 19, 2024, according to regulatory filings. The transaction, conducted at an average price of $8.37 per share, amounted to a total value of $194,364.44. This development has sparked a downturn in SoundHound AI’s stock price, which opened Thursday’s trading session at $8.00 and continues to exhibit downward momentum, despite heightened trading volume surpassing its daily average.
At the time of this publication, SoundHound AI Inc stock (SOUN) has witnessed a decline.
SoundHound AI Inc
Current Price: $7.77
Change : -0.17
Change (%): (-2.08%)
Volume: 53.1M
Source: Tomorrow Events Market Data
Over the course of the past year, Nitesh Sharan has engaged in substantial insider selling activities, totaling 85,029 shares of SoundHound AI Inc. Notably, there have been no corresponding insider purchases during this period. Analysis of the company’s insider transaction history unveils a consistent pattern of 43 insider sells and zero insider buys, underscoring a trend towards divestment among key insiders.
SoundHound AI Inc. specializes in voice-enabled AI and conversational intelligence technologies, offering solutions tailored to facilitate seamless interactions with products through natural language voice commands. Its innovative technology is integrated into diverse products and services across various industries, empowering users to engage with technology effortlessly through voice-based interactions.
Amidst the recent insider sell-off by Nitesh Sharan, SoundHound AI Inc.’s stock traded at $8.37, reflecting a market capitalization of $2.574 billion. This insider transaction aligns with broader trends observed in the company’s insider trading activities, marked by a prevalence of sells over buys throughout the past year. Such patterns in insider behavior warrant attention from shareholders and prospective investors, as they assess the stock’s performance and evaluate insider confidence in the company’s trajectory.
The insider sell-off by SoundHound AI Inc.’s CFO, Nitesh Sharan, has triggered a downturn in the company’s stock price, compounded by heightened trading volume exceeding its daily average. With a history of significant insider sells and absence of insider purchases, investor scrutiny towards the company’s performance and strategic direction is heightened. As shareholders and potential investors navigate evolving market dynamics, monitoring insider trading activities provides valuable insights into the sentiment and outlook surrounding SoundHound AI Inc.’s stock.
