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 company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares in the company, valued at $5,071,266.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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 Up 0.4 %

SoundHound AI stock traded up $0.02 during mid-day trading on Tuesday, hitting $4.90. 11,923,487 shares of the company’s stock were exchanged, compared to its average volume of 36,062,578. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25. The stock has a 50 day moving average of $4.87 and a two-hundred day moving average of $4.98. The stock has a market cap of $1.61 billion, a P/E ratio of -12.66 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same period in the prior year, the company posted ($0.10) EPS. The business’s revenue was up 53.8% on a year-over-year basis. As a group, research analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SOUN. Vanguard Group Inc. boosted its holdings in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC lifted its position in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA acquired a new position in shares of SoundHound AI during the 1st quarter worth about $6,659,000. Bank of New York Mellon Corp boosted its stake 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 valued at $3,940,000 after purchasing an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC increased its position in SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.