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 SoundHound AI stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Michael Zagorsek also recently made the following trade(s):

• 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.
• 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 Stock Up 7.5 %

Shares of SOUN traded up $1.45 during midday trading on Wednesday, hitting $20.84. The company had a trading volume of 156,047,484 shares, compared to its average volume of 39,760,664. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.08. The firm has a market capitalization of $7.71 billion, a P/E ratio of -57.89 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. The company’s 50-day simple moving average is $8.07 and its 200-day simple moving average is $5.90.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results 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. 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 the consensus estimate of $23.02 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Oppenheimer & Co. Inc. raised its position in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC increased its stake in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after purchasing an additional 1,975 shares during the last quarter. Signaturefd LLC increased its stake in SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. raised its holdings in SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Wolverine Asset Management LLC lifted its position in shares of SoundHound AI by 7.7% during the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after buying an additional 2,522 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SOUN shares. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright lifted their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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.