SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek Sells 60,796 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 60,796 shares of SoundHound AI stock in a transaction that occurred on 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 approximately $28,674,277.80. The trade was a 4.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 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 Up 19.7 %

Shares of SOUN stock opened at $24.23 on Friday. 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 $24.98. The company has a market cap of $8.96 billion, a PE ratio of -67.31 and a beta of 3.03. The stock’s fifty day moving average price is $10.29 and its two-hundred day moving average price is $6.67.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. Equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a 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 note on Monday, December 16th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Finally, HC Wainwright raised their price target on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the stock. Kings Path Partners LLC acquired a new stake in SoundHound AI in the second quarter valued at approximately $28,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter valued at $31,000. NBC Securities Inc. boosted its holdings in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Amalgamated Bank grew its position in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.