Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells 138,906 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 138,906 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $17.63, for a total value of $2,448,912.78. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $21.25, for a total value 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 Price Performance

Shares of SOUN opened at $18.85 on Friday. The firm has a market cap of $6.97 billion, a PE ratio of -52.36 and a beta of 3.03. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $24.08. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $8.67 and a two-hundred day simple moving average of $6.09.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) earnings per share. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. Keynote Financial Services LLC purchased a new stake in SoundHound AI during the second quarter valued at approximately $59,000. Silverleafe Capital Partners LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter worth $43,000. Planning Alternatives Ltd. ADV purchased a new stake in shares of SoundHound AI in the 2nd quarter worth $129,000. Clear Creek Financial Management LLC raised its holdings in SoundHound AI by 41.4% in the 2nd quarter. Clear Creek Financial Management LLC now owns 71,874 shares of the company’s stock worth $284,000 after purchasing an additional 21,042 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in SoundHound AI by 92.7% during 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 during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

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