Michael Zagorsek Sells 60,796 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 60,796 shares of SoundHound AI stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $1,234,158.80. Following the completion of the sale, the chief operating officer now owns 1,412,526 shares in the company, valued at approximately $28,674,277.80. This represents a 4.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 stock was sold at an average price of $17.63, for a total transaction of $2,448,912.78.

SoundHound AI Price Performance

Shares of SOUN stock opened at $23.95 on Friday. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.98. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of -66.53 and a beta of 3.03. The stock has a fifty day simple moving average of $10.66 and a two-hundred day simple moving average of $6.80. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SOUN. Bank of New York Mellon Corp raised its position 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 worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Harbour Investments Inc. raised its position in shares of SoundHound AI by 5.1% in the 2nd quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock worth $236,000 after acquiring an additional 2,923 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of SoundHound AI by 106.6% in the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock worth $151,000 after acquiring an additional 19,780 shares in the last quarter. Signaturefd LLC raised its position in shares of SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter worth $31,000. 19.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on SOUN shares. HC Wainwright upped their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.07.

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.