SoundHound AI, Inc. (NASDAQ:SOUN) CTO Timothy Stonehocker Sells 34,407 Shares

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

SoundHound AI Stock Performance

SOUN stock opened at $23.95 on Friday. The stock’s 50 day simple moving average is $10.66 and its 200 day simple moving average is $6.81. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. 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 $8.86 billion, a PE ratio of -66.53 and a beta of 3.03.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SOUN. HC Wainwright increased their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush upped 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. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Institutional Trading of SoundHound AI

A number of large investors have recently made changes to their positions in the stock. Carnegie Investment Counsel bought a new position in SoundHound AI during the third quarter valued at approximately $4,193,000. Geode Capital Management LLC raised its stake in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Shellback Capital LP purchased a new position in shares of SoundHound AI in the 2nd quarter worth $1,196,000. Finally, Squarepoint Ops LLC grew its holdings in shares of SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after acquiring an additional 205,985 shares during the period. 19.28% of the stock is currently owned by 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.