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 on Monday, December 16th. The shares were sold at an average price of $17.63, for a total transaction of $2,448,912.78. Following the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $25,974,666.86. This represents a 8.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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 transaction 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 Trading Up 7.5 %

Shares of SOUN opened at $20.84 on Thursday. The stock’s fifty day simple moving average is $8.39 and its 200-day simple moving average is $6.00. The firm has a market capitalization of $7.71 billion, a PE ratio of -57.89 and a beta of 3.03. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.08. 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 (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the business earned ($0.09) EPS. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wedbush upped 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. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Finally, HC Wainwright boosted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Keynote Financial Services LLC acquired a new stake in SoundHound AI during the 2nd quarter worth approximately $59,000. Silverleafe Capital Partners LLC acquired a new position in shares of SoundHound AI in the second quarter valued at approximately $43,000. Planning Alternatives Ltd. ADV bought a new stake in shares of SoundHound AI during the second quarter worth $129,000. Clear Creek Financial Management LLC raised its holdings in shares of SoundHound AI by 41.4% during the second 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 period. Finally, Bank of New York Mellon Corp lifted 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 in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.