Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells 138,906 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 138,906 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $25,974,666.86. The trade was a 8.62 % 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 shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25.
• On Friday, September 20th, Michael Zagorsek sold 42,001 shares of SoundHound AI stock. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88.

SoundHound AI Stock Up 7.5 %

Shares of SOUN stock traded up $1.45 during trading hours on Wednesday, reaching $20.84. 156,047,484 shares of the stock were exchanged, compared to its average volume of 39,760,664. The business’s fifty day moving average is $8.07 and its two-hundred day moving average is $5.90. The firm has a market capitalization of $7.71 billion, a P/E ratio of -57.89 and a beta of 3.03. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.08. 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 (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue was up 88.7% on a year-over-year basis. During the same period last year, the business earned ($0.09) EPS. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SOUN. Oppenheimer & Co. Inc. lifted its stake in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after purchasing an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in shares of SoundHound AI by 13.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after buying an additional 1,975 shares in the last quarter. Signaturefd LLC grew its position in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after buying an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. raised 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 in the last quarter. Finally, Wolverine Asset Management LLC lifted its position in SoundHound AI by 7.7% in the third 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 during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research analyst reports. HC Wainwright increased their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Barclays reissued a “neutral” rating and issued a $7.00 price objective 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.50.

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.