SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek Sells 52,001 Shares

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 52,001 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $514,809.90. Following the completion of the transaction, the chief operating officer now owns 1,360,525 shares in the company, valued at $13,469,197.50. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $10.31 on Tuesday. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.62. The business’s 50 day simple moving average is $12.14 and its 200-day simple moving average is $10.48. 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 posted its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SOUN shares. HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. DA Davidson boosted their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.86.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in SOUN. Commons Capital LLC grew its position in shares of SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock valued at $543,000 after purchasing an additional 723 shares during the last quarter. ST Germain D J Co. Inc. lifted its stake in SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after buying an additional 750 shares in the last quarter. Keynote Financial Services LLC grew its holdings in SoundHound AI by 4.7% during the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after buying an additional 752 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after acquiring an additional 929 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.