SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek Sells 277,813 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 shares were 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 stock was sold at an average price of $4.88, for a total transaction of $204,964.88.

SoundHound AI Stock Up 15.4 %

SOUN stock opened at $21.75 on Friday. The stock’s 50 day simple moving average is $9.01 and its 200 day simple moving average is $6.21. The company has a market cap of $8.04 billion, a P/E 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, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $24.08.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $23.02 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares during the last quarter. Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings 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 valued at $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Carnegie Investment Counsel purchased a new position in shares of SoundHound AI during the third quarter valued at approximately $4,193,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.