Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells 60,796 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 60,796 shares of SoundHound AI stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $1,234,158.80. Following the completion of the sale, the chief operating officer now directly owns 1,412,526 shares in the company, valued at approximately $28,674,277.80. This represents a 4.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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 shares were 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 stock was sold at an average price of $17.63, for a total value of $2,448,912.78.

SoundHound AI Trading Down 1.2 %

Shares of SOUN stock opened at $23.95 on Friday. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.98. The company has a market capitalization of $8.86 billion, a PE ratio of -66.53 and a beta of 3.03. The firm has a 50 day moving average price of $10.66 and a two-hundred day moving average price of $6.81. 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 (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) EPS. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. HC Wainwright raised their target price on shares of 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 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $12.07.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently bought and sold shares of SOUN. Oppenheimer & Co. Inc. grew its position in shares of 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 grew its position in SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after buying an additional 1,975 shares in the last quarter. Signaturefd LLC increased its stake in SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the period. Newbridge Financial Services Group Inc. increased its stake in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares during the period. Finally, Wolverine Asset Management LLC raised its holdings in SoundHound AI by 7.7% in 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. 19.28% of the stock is owned by institutional investors.

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.