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 firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

SoundHound AI Trading Up 0.4 %

SOUN stock traded up $0.02 on Tuesday, hitting $4.90. 11,923,487 shares of the company’s stock traded hands, compared to its average volume of 36,062,578. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -12.66 and a beta of 2.74. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25. The stock has a fifty day moving average of $4.87 and a 200-day moving average of $4.98.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. The business’s revenue was up 53.8% compared to the same quarter last year. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SOUN has been the topic of several recent analyst reports. Northland Securities lifted their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average price target of $7.08.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares in the last quarter. Vanguard Group Inc. raised its position in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the period. Commonwealth Equity Services LLC boosted its position in SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after acquiring an additional 209,154 shares during the period. Bank of New York Mellon Corp boosted its position in SoundHound AI by 92.7% during 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 during the period. Finally, SG Americas Securities LLC grew its stake in SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after acquiring an additional 195,011 shares in the last quarter. 19.28% of the stock is 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.