Insider Selling: SoundHound AI (NASDAQ:SOUN) CTO Sells 37,570 Shares of Stock

Key Points

• Timothy Stonehocker, CTO of SoundHound AI, sold 37,570 shares of the company's stock at an average price of $16.00, totaling $601,120.00.
• Despite the recent sales, Stonehocker still owns 679,296 shares, valued at approximately $10.87 million.
• SoundHound AI reported a revenue increase of 216.3% for the quarter, totaling $42.68 million, despite missing earnings per share estimates.

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CTO Timothy Stonehocker sold 37,570 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $601,120.00. Following the completion of the sale, the chief technology officer owned 679,296 shares of the company's stock, valued at $10,868,736. This trade represents a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Wednesday, September 24th, Timothy Stonehocker sold 2,247 shares of SoundHound AI stock. The shares were sold at an average price of $17.90, for a total transaction of $40,221.30.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN traded down $0.27 during mid-day trading on Wednesday, reaching $17.78. 63,330,567 shares of the company were exchanged, compared to its average volume of 45,588,484. SoundHound AI, Inc. has a 1 year low of $4.45 and a 1 year high of $24.98. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of -28.22 and a beta of 2.58. The firm's 50-day simple moving average is $13.28 and its 200 day simple moving average is $10.89.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The firm had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. During the same quarter in the previous year, the business posted ($0.11) earnings per share. SoundHound AI's revenue for the quarter was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Ameriprise Financial Inc. grew its position in SoundHound AI by 42.5% in the fourth quarter. Ameriprise Financial Inc. now owns 136,735 shares of the company's stock worth $2,713,000 after buying an additional 40,763 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of SoundHound AI by 59.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 628,772 shares of the company's stock worth $12,475,000 after acquiring an additional 234,914 shares during the period. Sunbelt Securities Inc. increased its holdings in shares of SoundHound AI by 153.1% during the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock worth $90,000 after buying an additional 2,755 shares in the last quarter. Mackenzie Financial Corp boosted its position in SoundHound AI by 14.5% in the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company's stock valued at $413,000 after buying an additional 2,643 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of SoundHound AI during the 4th quarter valued at $544,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SOUN. Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price objective on the stock in a research note on Friday, August 8th. Piper Sandler restated a "neutral" rating and issued a $12.00 price objective on shares of SoundHound AI in a research note on Monday, July 14th. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Oppenheimer started coverage on shares of SoundHound AI in a report on Thursday, September 11th. They issued a "market perform" rating on the stock. Finally, Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.36.

About SoundHound AI

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.

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