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

SoundHound AI, Inc. (NASDAQ:SOUN) CTO Timothy Stonehocker sold 73,162 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $684,796.32. Following the completion of the transaction, the chief technology officer now owns 719,847 shares in the company, valued at approximately $6,737,767.92. This represents a 9.23% decrease in their position. The transaction was disclosed in a document filed 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 shares were sold at an average price of $9.68, for a total transaction 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 transaction of $529,884.00.

SoundHound AI Stock Performance

SOUN opened at $9.57 on Thursday. The stock has a 50-day moving average of $9.67 and a 200-day moving average of $11.93. SoundHound AI, Inc. has a 52-week low of $3.82 and a 52-week high of $24.98. The company has a market cap of $3.84 billion, a PE ratio of -17.40 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The firm had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The company’s revenue was up 151.2% on a year-over-year basis. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on SOUN shares. Wedbush reduced 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. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an “overweight” rating and a $12.00 price target for the company. HC Wainwright cut their price objective 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. Finally, DA Davidson reduced their target price on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.50.

Institutional Trading of SoundHound AI

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings 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 acquiring an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of SoundHound AI by 84.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock worth $40,390,000 after purchasing an additional 2,274,105 shares during the period. Rockefeller Capital Management L.P. acquired a new position in shares of SoundHound AI during the 4th quarter worth about $41,595,000. Invesco Ltd. lifted its position in shares of SoundHound AI by 1,386.2% during the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock worth $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after purchasing an additional 1,085,473 shares during the period. 19.28% of the stock is 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.