SoundHound AI (NASDAQ:SOUN) COO Michael Zagorsek Sells 69,837 Shares of Stock

Key Points

• Michael Zagorsek, COO of SoundHound AI, sold 69,837 shares of the company at an average price of $16.00, totaling over $1.1 million, resulting in a 3.62% decrease in his holdings.
• Following the sale, Zagorsek still owns approximately 1.86 million shares valued at nearly $29.8 million.
• SoundHound AI's latest earnings report revealed a larger-than-expected revenue of $42.68 million, but it still reported a loss of ($0.19) earnings per share.

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) COO Michael Zagorsek sold 69,837 shares of the company's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $1,117,392.00. Following the completion of the sale, the chief operating officer owned 1,860,790 shares of the company's stock, valued at approximately $29,772,640. This trade represents a 3.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

SoundHound AI Trading Down 1.5%

SOUN stock traded down $0.27 during trading hours on Wednesday, hitting $17.78. 63,330,567 shares of the stock traded hands, compared to its average volume of 45,588,484. The stock has a 50-day simple moving average of $13.28 and a 200 day simple moving average of $10.89. The company has a market cap of $7.25 billion, a P/E ratio of -28.22 and a beta of 2.58. SoundHound AI, Inc. has a one year low of $4.45 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). The business had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. SoundHound AI's revenue was up 216.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

SOUN has been the topic of several recent research reports. Piper Sandler restated a "neutral" rating and issued a $12.00 price target on shares of SoundHound AI in a research report on Monday, July 14th. Northland Securities upgraded SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price on the stock in a report on Friday, August 8th. Oppenheimer assumed coverage on SoundHound AI in a report on Thursday, September 11th. They set a "market perform" rating for the company. DA Davidson lifted their price target on SoundHound AI from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Finally, Wall Street Zen downgraded SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, SoundHound AI presently has an average rating of "Moderate Buy" and an average price target of $14.36.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in SoundHound AI during the 1st quarter valued at about $2,395,000. Northern Trust Corp grew its position in SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock valued at $24,190,000 after purchasing an additional 72,766 shares in the last quarter. Carnegie Investment Counsel increased its stake in SoundHound AI by 8.9% in the 1st quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock valued at $8,131,000 after buying an additional 87,810 shares during the period. Liontrust Investment Partners LLP purchased a new stake in SoundHound AI in the 1st quarter worth approximately $1,639,000. Finally, First Manhattan CO. LLC. purchased a new stake in SoundHound AI in the 1st quarter worth approximately $985,000. 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.

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