Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) CTO Sells 3,333 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) CTO Timothy Stonehocker sold 3,333 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. This represents a 0.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• 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 transaction of $274,368.60.

SoundHound AI Trading Down 1.1 %

NASDAQ SOUN opened at $10.20 on Wednesday. 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 $3.50 and a 12 month high of $24.98. The company has a market capitalization of $4.01 billion, a PE ratio of -28.33 and a beta of 2.62. The stock has a 50-day simple moving average of $12.09 and a 200 day simple moving average of $10.52.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP bought a new stake in shares of SoundHound AI in the 4th quarter valued at $7,789,000. California State Teachers Retirement System grew its stake in SoundHound AI by 13.6% in the fourth quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock valued at $6,023,000 after acquiring an additional 36,422 shares during the period. Objective Capital Management LLC increased its holdings in shares of SoundHound AI by 25.0% in the fourth quarter. Objective Capital Management LLC now owns 25,000 shares of the company’s stock worth $496,000 after acquiring an additional 5,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of SoundHound AI by 171.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock worth $1,385,000 after purchasing an additional 44,059 shares during the period. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of SoundHound AI during the 4th quarter valued at about $544,000. 19.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. DA Davidson boosted their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $12.86.

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.