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 that occurred on 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 represents a 4.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, December 18th, Michael Zagorsek sold 277,813 shares of SoundHound AI stock. The stock was 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 Price Performance

SOUN stock traded up $3.99 during midday trading on Thursday, reaching $24.23. The company had a trading volume of 129,107,203 shares, compared to its average volume of 41,064,262. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of -67.31 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $24.98. The stock has a 50 day moving average price of $9.91 and a 200-day moving average price of $6.54.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.09) EPS. Equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. 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. DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright upped their price objective on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday. Finally, Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $12.07.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently modified their holdings of the business. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the third quarter valued at about $4,193,000. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Shellback Capital LP bought a new stake in shares of SoundHound AI during the 2nd quarter valued at approximately $1,196,000. Finally, Squarepoint Ops LLC grew its holdings in shares of SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after purchasing an additional 205,985 shares during 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.