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

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

NASDAQ:SOUN traded up $1.45 during trading hours on Wednesday, reaching $20.84. 156,047,484 shares of the company were exchanged, compared to its average volume of 39,760,664. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $7.71 billion, a PE ratio of -57.89 and a beta of 3.03. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.08. The stock’s 50-day moving average is $8.07 and its 200-day moving average is $5.90.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $23.02 million. During the same period in the previous year, the firm posted ($0.09) EPS. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of SoundHound AI

Several large investors have recently made changes to their positions in SOUN. Charles Schwab Investment Management Inc. grew its position in shares of SoundHound AI by 7.9% in the third 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 in the last quarter. Carnegie Investment Counsel purchased a new position in shares of SoundHound AI during the 3rd quarter worth $4,193,000. Intech Investment Management LLC acquired a new position in shares of SoundHound AI during the 3rd quarter valued at about $305,000. Victory Capital Management Inc. grew its holdings in shares of SoundHound AI by 230.9% in the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares during the period. Finally, Meridian Wealth Management LLC acquired a new stake in SoundHound AI during the third quarter worth about $431,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.