Michael Zagorsek Sells 138,906 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

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 transaction of $2,448,912.78. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $25,974,666.86. This 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 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 shares were sold at an average price of $4.88, for a total value of $204,964.88.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $18.85 on Friday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.08. The stock has a market cap of $6.97 billion, a P/E ratio of -52.36 and a beta of 3.03. The firm’s fifty day simple moving average is $8.67 and its 200 day simple moving average is $6.09.

SoundHound AI (NASDAQ:SOUN) last announced 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. 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) EPS. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. Carnegie Investment Counsel bought a new position in SoundHound AI in the third quarter worth $4,193,000. Intech Investment Management LLC purchased a new position in SoundHound AI during the third quarter valued at $305,000. Victory Capital Management Inc. boosted its holdings in shares of SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after buying an additional 84,301 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in shares of SoundHound AI in the 3rd quarter worth about $431,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.