Michael Zagorsek Sells 277,813 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 277,813 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• 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.
• On Friday, September 20th, Michael Zagorsek sold 42,001 shares of SoundHound AI stock. The stock was sold at an average price of $4.88, for a total transaction of $204,964.88.

SoundHound AI Stock Up 7.5 %

NASDAQ SOUN opened at $20.84 on Thursday. The firm has a market capitalization of $7.71 billion, a price-to-earnings ratio of -57.89 and a beta of 3.03. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $24.08. The company has a fifty day moving average of $8.39 and a two-hundred day moving average of $6.00. 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 announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the company posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. On average, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter worth $28,000. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in SoundHound AI in the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC grew its holdings in shares of SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after buying an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank increased its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares during the period. 19.28% of the stock is currently 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.