SoundHound AI, Inc. (NASDAQ:SOUN) CTO Sells $698,462.10 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CTO Timothy Stonehocker sold 34,407 shares of SoundHound AI stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $698,462.10. Following the sale, the chief technology officer now owns 796,581 shares in the company, valued at $16,170,594.30. This represents a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

SoundHound AI Price Performance

SoundHound AI stock opened at $24.23 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business has a 50 day simple moving average of $10.29 and a 200-day simple moving average of $6.67. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $24.98. The stock has a market capitalization of $8.96 billion, a PE ratio of -67.31 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. Equities analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares during the period. Carnegie Investment Counsel purchased a new position in SoundHound AI in the third quarter worth $4,193,000. Geode Capital Management LLC raised its position in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares in the last quarter. FMR LLC lifted its holdings in SoundHound AI by 112.8% in the third quarter. FMR LLC now owns 49,038 shares of the company’s stock valued at $229,000 after acquiring an additional 25,989 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of SoundHound AI during the 3rd quarter worth $305,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

SOUN has been the topic of a number of research analyst reports. HC Wainwright lifted their target price on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

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.