SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells $1,234,158.80 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 60,796 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $1,234,158.80. Following the sale, the chief operating officer now directly owns 1,412,526 shares of the company’s stock, valued at $28,674,277.80. This represents a 4.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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 transaction of $5,903,526.25.
• 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.

SoundHound AI Trading Down 1.2 %

NASDAQ:SOUN opened at $23.95 on Friday. 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 business’s 50-day simple moving average is $10.66 and its 200-day simple moving average is $6.81. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $24.98. The stock has a market capitalization of $8.86 billion, a PE ratio of -66.53 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly 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. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The business’s revenue was up 88.7% on a year-over-year basis. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at about $4,193,000. Geode Capital Management LLC raised its position in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 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. Shellback Capital LP acquired a new position in SoundHound AI during the 2nd quarter worth approximately $1,196,000. Finally, Squarepoint Ops LLC grew its stake in shares of SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after acquiring an additional 205,985 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SOUN. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright increased their target price on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped 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, Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $12.07.

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.