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 business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $7,189,811.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $4.89 on Thursday. The company has a market cap of $1.61 billion, a PE ratio of -12.87 and a beta of 2.74. The firm’s 50 day moving average price is $4.84 and its 200-day moving average price is $4.97. SoundHound AI, Inc. has a 52-week low of $1.49 and a 52-week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. During the same quarter in the prior year, the company earned ($0.10) EPS. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. On average, analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the second quarter valued at about $28,000. Hexagon Capital Partners LLC purchased a new stake in SoundHound AI during the first quarter valued at approximately $29,000. International Assets Investment Management LLC acquired a new stake in SoundHound AI in the second quarter valued at approximately $31,000. HighPoint Advisor Group LLC purchased a new position in SoundHound AI in the fourth quarter worth $37,000. Finally, Amalgamated Bank increased its position in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. Northland Securities increased their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $5.00 to $7.00 in a research 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

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.