SoundHound AI, Inc. (NASDAQ:SOUN) CTO Timothy Stonehocker Sells 2,981 Shares

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CTO Timothy Stonehocker sold 2,981 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total transaction of $28,856.08. Following the transaction, the chief technology officer now owns 716,866 shares in the company, valued at approximately $6,939,262.88. This trade represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Friday, June 20th, Timothy Stonehocker sold 73,162 shares of SoundHound AI stock. The stock was sold at an average price of $9.36, for a total transaction of $684,796.32.
• On Wednesday, May 14th, Timothy Stonehocker sold 44,157 shares of SoundHound AI stock. The stock was sold at an average price of $12.00, for a total transaction of $529,884.00.

SoundHound AI Stock Performance

SoundHound AI stock traded up $0.33 during midday trading on Tuesday, reaching $9.82. 48,185,773 shares of the stock were exchanged, compared to its average volume of 39,212,397. The company's fifty day moving average is $9.61 and its 200-day moving average is $11.96. SoundHound AI, Inc. has a 52 week low of $3.82 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. The business had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. SoundHound AI's revenue was up 151.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.07) EPS. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 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 SOUN. Vanguard Group Inc. grew its stake in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after buying an additional 8,402,881 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after buying an additional 2,274,105 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new position in SoundHound AI in the 4th quarter worth approximately $41,595,000. Invesco Ltd. grew its stake in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after buying an additional 1,289,360 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after buying an additional 1,085,473 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Piper Sandler started coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective on the stock. DA Davidson lowered their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wedbush lowered their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, HC Wainwright lowered their price target on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $10.50.

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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