Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CTO Sells 20,337 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Timothy Stonehocker also recently made the following trade(s):

• On Thursday, July 11th, Timothy Stonehocker sold 208,000 shares of SoundHound AI stock. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00.

SoundHound AI Trading Down 0.2 %

Shares of NASDAQ:SOUN opened at $4.89 on Thursday. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25. The stock has a market cap of $1.61 billion, a P/E ratio of -12.87 and a beta of 2.74. The company has a 50 day moving average of $4.84 and a 200 day moving average of $4.97.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares in the last quarter. Vanguard Group Inc. lifted its position in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after buying an additional 209,154 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of SoundHound AI by 92.7% during the second 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 in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of SoundHound AI by 1,039.3% in the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after acquiring an additional 195,011 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

SOUN has been the subject of a number of research analyst reports. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Company Profile

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.