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 the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $514,809.90. Following the sale, the chief operating officer now owns 1,360,525 shares in the company, valued at approximately $13,469,197.50. This trade represents a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

SoundHound AI Stock Up 4.6 %

Shares of NASDAQ:SOUN opened at $10.31 on Tuesday. The stock has a 50-day simple moving average of $12.14 and a 200-day simple moving average of $10.48. The stock has a market capitalization of $4.05 billion, a P/E ratio of -28.64 and a beta of 2.62. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $7,789,000. California State Teachers Retirement System grew its position in SoundHound AI by 13.6% in the fourth quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock valued at $6,023,000 after acquiring an additional 36,422 shares in the last quarter. Objective Capital Management LLC raised its stake in shares of SoundHound AI by 25.0% during the fourth quarter. Objective Capital Management LLC now owns 25,000 shares of the company’s stock valued at $496,000 after purchasing an additional 5,000 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of SoundHound AI by 171.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock worth $1,385,000 after purchasing an additional 44,059 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of SoundHound AI in the fourth quarter valued at $544,000. 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.