Michael Zagorsek Sells 27,533 Shares of SoundHound AI, Inc. (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 27,533 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $2.07, for a total transaction of $56,993.31. Following the completion of the transaction, the chief operating officer now owns 820,104 shares in the company, valued at $1,697,615.28. The transaction was disclosed in a filing with the SEC, which is available at this link.

Michael Zagorsek also recently made the following trade(s):

• On Wednesday, June 21st, Michael Zagorsek sold 14,786 shares of SoundHound AI stock. The stock was sold at an average price of $3.66, for a total transaction of $54,116.76.

SoundHound AI Stock Performance

Shares of SOUN traded down $0.12 on Tuesday, reaching $2.13. 7,052,566 shares of the stock traded hands, compared to its average volume of 14,704,644. The company has a debt-to-equity ratio of 4.80, a current ratio of 4.70 and a quick ratio of 4.70. The stock’s 50-day moving average price is $2.52 and its 200-day moving average price is $2.75. The firm has a market cap of $512.71 million, a price-to-earnings ratio of -4.02 and a beta of 0.67. SoundHound AI, Inc. has a 12 month low of $0.93 and a 12 month high of $5.11.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, August 8th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $8.75 million during the quarter, compared to the consensus estimate of $8.07 million. The company’s revenue was up 42.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.19) earnings per share. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System bought a new position in SoundHound AI during the second quarter worth about $789,000. Osaic Holdings Inc. raised its position in shares of SoundHound AI by 178.0% during the second quarter. Osaic Holdings Inc. now owns 18,846 shares of the company’s stock worth $86,000 after purchasing an additional 12,066 shares during the period. Nuveen Asset Management LLC bought a new position in shares of SoundHound AI during the 2nd quarter valued at about $1,785,000. Alliancebernstein L.P. acquired a new stake in shares of SoundHound AI during the second quarter worth $788,000. Finally, Wells Fargo & Company MN lifted its position in SoundHound AI by 480.6% during the 2nd quarter. Wells Fargo & Company MN now owns 91,152 shares of the company’s stock worth $415,000 after buying an additional 75,452 shares in the last quarter. Institutional investors and hedge funds own 26.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SOUN. HC Wainwright started coverage on shares of SoundHound AI in a research report on Tuesday, September 5th. They issued a “buy” rating and a $5.00 price target on the stock. Cantor Fitzgerald lowered their price target on SoundHound AI from $6.20 to $4.20 and set an “overweight” rating on the stock in a report on Wednesday, August 9th.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) platform that enables businesses across 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 automatic speech recognition, natural language understanding, wake words, custom domains, text-to-speech, and embedded voice solutions SoundHound AI, Inc was founded in 2005 and is headquartered in Santa Clara, California.