SoundHound AI (NASDAQ:SOUN) COO Sells $828,019.68 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 73,406 shares of the firm’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $828,019.68. Following the completion of the sale, the chief operating officer directly owned 1,787,459 shares in the company, valued at approximately $20,162,537.52. This represents a 3.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

SoundHound AI Stock Performance

Shares of SoundHound AI stock traded down $0.29 during trading on Monday, reaching $10.41. 20,984,708 shares of the company’s stock were exchanged, compared to its average volume of 43,209,066. SoundHound AI, Inc. has a 1-year low of $6.52 and a 1-year high of $23.50. The company has a market cap of $4.37 billion, a P/E ratio of -12.39 and a beta of 2.63. The firm’s 50-day moving average price is $13.38 and its 200 day moving average price is $13.46.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The firm had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. The business’s revenue for the quarter was up 67.6% on a year-over-year basis. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after acquiring an additional 1,060 shares during the last quarter. Danske Bank A S acquired a new stake in SoundHound AI during the 3rd quarter valued at approximately $26,000. Advisors Asset Management Inc. increased its position in SoundHound AI by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock valued at $27,000 after purchasing an additional 1,023 shares during the period. Investors Research Corp raised its holdings in SoundHound AI by 62.4% during the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in shares of SoundHound AI in the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on SOUN shares. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Wedbush reissued an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. DA Davidson restated a “buy” rating and set a $17.00 price objective on shares of SoundHound AI in a research report on Tuesday, November 18th. Piper Sandler increased their target price on SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Finally, Oppenheimer initiated coverage on SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $17.07.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.