Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells 42,001 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 42,001 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $7,189,811.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

SoundHound AI Trading Down 0.2 %

Shares of SOUN opened at $4.89 on Thursday. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25. The firm has a market cap of $1.61 billion, a P/E ratio of -12.87 and a beta of 2.74. The stock’s 50 day moving average is $4.84 and its two-hundred day moving average is $4.97.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same period in the previous year, the firm posted ($0.10) EPS. SoundHound AI’s revenue was up 53.8% compared to the same quarter last year. Equities research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC grew its holdings in shares of SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA acquired a new stake in shares of SoundHound AI in the first quarter valued at about $6,659,000. Bank of New York Mellon Corp lifted its stake in shares of SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SOUN shares. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Finally, Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

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.