Insider Selling: SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells 117,180 Shares of Stock

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) COO Michael Zagorsek sold 117,180 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,096,804.80. Following the completion of the sale, the chief operating officer now directly owns 1,346,455 shares in the company, valued at $12,602,818.80. This trade represents a 8.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

SoundHound AI Price Performance

Shares of SoundHound AI stock traded up $0.33 during midday trading on Tuesday, hitting $9.82. 48,185,773 shares of the company were exchanged, compared to its average volume of 39,212,397. SoundHound AI, Inc. has a 52 week low of $3.82 and a 52 week high of $24.98. The firm has a 50 day simple moving average of $9.61 and a 200-day simple moving average of $11.96.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. SoundHound AI's revenue was up 151.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.07) EPS. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Blue Trust Inc. lifted its position in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after buying an additional 830 shares during the period. Rhumbline Advisers raised its position in SoundHound AI by 10.5% in the 4th quarter. Rhumbline Advisers now owns 419,676 shares of the company's stock valued at $8,326,000 after purchasing an additional 39,795 shares during the last quarter. Sanctuary Advisors LLC raised its position in SoundHound AI by 48.8% in the 4th quarter. Sanctuary Advisors LLC now owns 44,618 shares of the company's stock valued at $885,000 after purchasing an additional 14,642 shares during the last quarter. New York State Common Retirement Fund raised its position in SoundHound AI by 11.4% in the 4th quarter. New York State Common Retirement Fund now owns 90,962 shares of the company's stock valued at $1,805,000 after purchasing an additional 9,300 shares during the last quarter. Finally, Sigma Planning Corp raised its position in SoundHound AI by 26.6% in the 4th quarter. Sigma Planning Corp now owns 27,398 shares of the company's stock valued at $544,000 after purchasing an additional 5,758 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on SOUN. Wedbush lowered their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Piper Sandler began coverage on SoundHound AI in a report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. HC Wainwright lowered their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

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.

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