Timothy Stonehocker Sells 73,162 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) CTO Timothy Stonehocker sold 73,162 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $684,796.32. Following the completion of the transaction, the chief technology officer now owns 719,847 shares of the company's stock, valued at $6,737,767.92. The trade was a 9.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, June 24th, Timothy Stonehocker sold 2,981 shares of SoundHound AI stock. The stock was sold at an average price of $9.68, for a total value of $28,856.08.
• 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 value of $529,884.00.

SoundHound AI Stock Performance

SOUN traded up $0.33 during trading on Tuesday, hitting $9.82. 48,185,773 shares of the company's stock traded hands, compared to its average volume of 39,212,397. The company's 50 day simple moving average is $9.61 and its two-hundred day simple moving average is $11.96. SoundHound AI, Inc. has a 12-month low of $3.82 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. The business had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The company's revenue was up 151.2% compared to the same quarter last year. During the same period last year, the business posted ($0.07) EPS. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of research reports. Wedbush cut their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. HC Wainwright lowered their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price for the company. Finally, DA Davidson lowered their price target 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. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and an average target price of $10.50.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers boosted its stake in shares of SoundHound AI by 8.9% in the 1st quarter. Rhumbline Advisers now owns 457,107 shares of the company's stock worth $3,712,000 after buying an additional 37,431 shares during the last quarter. Strs Ohio purchased a new position in shares of SoundHound AI in the 1st quarter worth $391,000. Wealth Management Associates Inc. boosted its stake in shares of SoundHound AI by 6.9% in the 1st quarter. Wealth Management Associates Inc. now owns 115,169 shares of the company's stock worth $935,000 after buying an additional 7,445 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in shares of SoundHound AI in the 1st quarter worth $85,000. Finally, Intech Investment Management LLC boosted its stake in shares of SoundHound AI by 135.4% in the 1st quarter. Intech Investment Management LLC now owns 253,089 shares of the company's stock worth $2,055,000 after buying an additional 145,557 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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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