SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek Sells 60,796 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 60,796 shares of SoundHound AI stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $1,234,158.80. Following the sale, the chief operating officer now directly owns 1,412,526 shares of the company’s stock, valued at approximately $28,674,277.80. This trade represents a 4.13 % 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 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 stock was sold at an average price of $21.25, for a total value of $5,903,526.25.
• 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 value of $2,448,912.78.

SoundHound AI Stock Up 19.7 %

SOUN stock traded up $3.99 during trading hours on Thursday, reaching $24.23. 129,107,203 shares of the stock were exchanged, compared to its average volume of 41,064,262. The company has a market cap of $8.96 billion, a price-to-earnings ratio of -67.31 and a beta of 3.03. The firm’s 50-day moving average is $9.91 and its 200-day moving average is $6.54. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

SOUN has been the subject of a number of analyst reports. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright lifted their target price on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a report on Monday. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target 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 assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Bank of New York Mellon Corp boosted its holdings 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 worth $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Harbour Investments Inc. lifted its position in SoundHound AI by 5.1% during the 2nd quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock worth $236,000 after buying an additional 2,923 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of SoundHound AI by 106.6% during the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock worth $151,000 after buying an additional 19,780 shares during the last quarter. Signaturefd LLC grew its holdings in shares of SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after acquiring an additional 2,200 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter valued at about $31,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.