Michael Zagorsek Sells 42,001 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 42,001 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $204,964.88. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $7,189,811.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

SoundHound AI Price Performance

Shares of NASDAQ SOUN traded up $0.02 during mid-day trading on Tuesday, hitting $4.90. The company had a trading volume of 11,923,487 shares, compared to its average volume of 36,062,578. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25. The firm has a market cap of $1.61 billion, a P/E ratio of -12.66 and a beta of 2.74. The business’s 50-day simple moving average is $4.87 and its 200-day simple moving average is $4.98.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same period last year, the company earned ($0.10) earnings per share. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SOUN shares. Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $7.08.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. boosted its stake in shares of SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after purchasing an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC increased its holdings in SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after purchasing an additional 2,000 shares during the last quarter. Signaturefd LLC increased its holdings in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its stake in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after buying an additional 2,320 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its holdings in SoundHound AI by 13.7% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after buying an additional 2,500 shares during the last quarter. Institutional investors and hedge funds 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.