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 dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $204,964.88. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $7,189,811.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

SoundHound AI Trading Up 0.4 %

NASDAQ SOUN opened at $4.91 on Friday. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.74. The company’s 50 day moving average is $4.84 and its two-hundred day moving average is $4.97.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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 firm had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same period last year, the company earned ($0.10) earnings per share. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Northland Securities lifted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $7.08.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Kings Path Partners LLC bought a new position in shares of SoundHound AI in the second quarter worth about $28,000. Hexagon Capital Partners LLC bought a new stake in SoundHound AI during the 1st quarter valued at approximately $29,000. International Assets Investment Management LLC purchased a new position in SoundHound AI in the 2nd quarter worth approximately $31,000. HighPoint Advisor Group LLC bought a new position in SoundHound AI in the 4th quarter worth approximately $37,000. Finally, Amalgamated Bank grew its holdings in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares in the last quarter. 19.28% of the stock is owned by 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.