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

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 60,796 shares of the firm’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 transaction, the chief operating officer now owns 1,412,526 shares of the company’s stock, valued at $28,674,277.80. This trade represents a 4.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Michael Zagorsek also recently made the following trade(s):

• On Wednesday, December 18th, Michael Zagorsek sold 277,813 shares of SoundHound AI stock. The shares were 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 Up 19.7 %

NASDAQ SOUN opened at $24.23 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 52 week low of $1.62 and a 52 week high of $24.98. The business has a 50 day moving average price of $10.29 and a 200-day moving average price of $6.67. The company has a market cap of $8.96 billion, a price-to-earnings ratio of -67.31 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) EPS 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 business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the business posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SOUN has been the topic of several recent analyst reports. HC Wainwright boosted their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Wedbush lifted 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, December 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Oppenheimer & Co. Inc. increased its holdings in SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after purchasing an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in shares of SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after buying an additional 1,975 shares during the last quarter. Signaturefd LLC grew its holdings in SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in SoundHound AI by 24.7% in the 2nd 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 last quarter. Finally, Wolverine Asset Management LLC lifted its stake in SoundHound AI by 7.7% during the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock valued at $164,000 after acquiring an additional 2,522 shares in 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.