SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells $5,903,526.25 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 277,813 shares of SoundHound AI stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Monday, December 16th, Michael Zagorsek sold 138,906 shares of SoundHound AI stock. The stock was sold at an average price of $17.63, for a total transaction of $2,448,912.78.
• 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 Stock Performance

SoundHound AI stock opened at $21.75 on Friday. The stock has a market cap of $8.04 billion, a PE ratio of -60.42 and a beta of 3.03. The company has a quick ratio of 2.58, a current 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 $24.08. The business’s 50-day moving average price is $9.01 and its two-hundred day moving average price is $6.21.

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 the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the previous year, the firm posted ($0.09) EPS. The firm’s revenue was up 88.7% on a year-over-year basis. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SOUN shares. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. DA Davidson restated 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 shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. 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 research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.50.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Keynote Financial Services LLC bought a new position in SoundHound AI in the second quarter valued at about $59,000. Silverleafe Capital Partners LLC bought a new position in SoundHound AI in the 2nd quarter valued at approximately $43,000. Planning Alternatives Ltd. ADV acquired a new stake in SoundHound AI during the 2nd quarter worth approximately $129,000. Clear Creek Financial Management LLC grew its holdings in SoundHound AI by 41.4% during the 2nd quarter. Clear Creek Financial Management LLC now owns 71,874 shares of the company’s stock worth $284,000 after acquiring an additional 21,042 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in SoundHound AI by 92.7% in 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 acquiring an additional 479,912 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.