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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) COO Michael Zagorsek sold 52,001 shares of the stock in a transaction 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 completion of the transaction, the chief operating officer now directly owns 1,360,525 shares in the company, valued at $13,469,197.50. The trade was a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

SoundHound AI Trading Down 5.3 %

SoundHound AI stock traded down $0.50 during trading hours on Thursday, reaching $8.88. The stock had a trading volume of 15,602,424 shares, compared to its average volume of 38,204,952. The stock has a market cap of $3.54 billion, a PE ratio of -24.67 and a beta of 2.62. The company has a fifty day simple moving average of $12.00 and a 200-day simple moving average of $10.52. 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, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98.

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

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Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. raised its holdings in SoundHound AI by 230.9% in the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company's stock worth $563,000 after purchasing an additional 84,301 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after buying an additional 1,887 shares in the last quarter. Intech Investment Management LLC bought a new position in SoundHound AI in the third quarter worth about $305,000. Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after buying an additional 189,109 shares during the period. Finally, Meridian Wealth Management LLC bought a new stake in SoundHound AI during the 3rd quarter valued at approximately $431,000. Institutional investors own 19.28% of the company's stock.

Analysts Set New Price Targets

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

SoundHound AI Company Profile

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.