SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek Sells 138,906 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 138,906 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $17.63, for a total value of $2,448,912.78. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $25,974,666.86. This trade represents a 8.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Michael Zagorsek also recently made the following trade(s):

• On Wednesday, December 18th, Michael Zagorsek sold 277,813 shares of SoundHound AI stock. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25.
• On Friday, September 20th, Michael Zagorsek sold 42,001 shares of SoundHound AI stock. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88.

SoundHound AI Price Performance

NASDAQ SOUN opened at $21.75 on Friday. The stock has a 50-day simple moving average of $9.01 and a 200 day simple moving average of $6.21. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.08. The stock has a market capitalization of $8.04 billion, a PE ratio of -60.42 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the previous year, the business posted ($0.09) EPS. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on SOUN shares. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright increased their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.50.

Institutional Trading of SoundHound AI

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