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 stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $25,974,666.86. This trade represents a 8.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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 stock was sold at an average price of $4.88, for a total value of $204,964.88.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $20.84 on Thursday. The business has a 50 day simple moving average of $8.39 and a 200 day simple moving average of $6.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $7.71 billion, a price-to-earnings 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.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly 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 net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Keynote Financial Services LLC acquired a new stake in SoundHound AI during the 2nd quarter worth about $59,000. Silverleafe Capital Partners LLC purchased a new position in shares of SoundHound AI in the second quarter worth approximately $43,000. Planning Alternatives Ltd. ADV purchased a new position in shares of SoundHound AI in the second quarter worth approximately $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 valued at $284,000 after acquiring an additional 21,042 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of 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. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.