Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CTO Sells 44,157 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CTO Timothy Stonehocker sold 44,157 shares of SoundHound AI stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total value of $529,884.00. Following the sale, the chief technology officer now owns 723,009 shares of the company's stock, valued at approximately $8,676,108. This trade represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Monday, March 24th, Timothy Stonehocker sold 3,333 shares of SoundHound AI stock. The stock was sold at an average price of $10.08, for a total value of $33,596.64.
• On Thursday, March 20th, Timothy Stonehocker sold 27,714 shares of SoundHound AI stock. The stock was sold at an average price of $9.90, for a total value of $274,368.60.

SoundHound AI Trading Up 1.6%

Shares of SOUN traded up $0.18 during mid-day trading on Friday, hitting $11.19. 26,511,644 shares of the company's stock traded hands, compared to its average volume of 37,872,795. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 1 year low of $3.82 and a 1 year high of $24.98. The firm has a market capitalization of $4.46 billion, a P/E ratio of -31.08 and a beta of 2.71. The business's 50-day moving average price is $9.08 and its 200-day moving average price is $11.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The business's revenue was up 151.2% compared to the same quarter last year. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SOUN has been the subject of several recent research reports. DA Davidson lowered their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Wedbush lowered their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. HC Wainwright lowered their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of "Hold" and a consensus price target of $10.29.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. grew its stake in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC grew its stake in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC purchased a new stake in SoundHound AI in the fourth quarter worth $30,000. AlphaQuest LLC purchased a new stake in SoundHound AI in the first quarter worth $32,000. Finally, Golden State Wealth Management LLC grew its stake in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after purchasing an additional 2,115 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.