Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CTO Sells 27,714 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CTO Timothy Stonehocker sold 27,714 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the transaction, the chief technology officer now directly owns 768,867 shares in the company, valued at $7,611,783.30. This represents a 3.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Monday, March 24th, Timothy Stonehocker sold 3,333 shares of SoundHound AI stock. The shares were sold at an average price of $10.08, for a total value of $33,596.64.

SoundHound AI Price Performance

Shares of SoundHound AI stock traded down $0.50 during trading hours on Thursday, reaching $8.88. 15,602,424 shares of the company's stock were exchanged, compared to its average volume of 38,204,952. The business has a fifty day moving average of $12.00 and a two-hundred day moving average of $10.52. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.54 billion, a P/E ratio of -24.67 and a beta of 2.62. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98.

Remove Ads

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after acquiring an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new position in shares of SoundHound AI during the 4th quarter valued at about $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of recent analyst reports. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. HC Wainwright reissued a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Finally, DA Davidson lifted their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, SoundHound AI currently has an average rating of "Hold" and an average price target of $12.86.

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.