Michael Zagorsek Sells 71,113 Shares of SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 71,113 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total value of $450,145.29. Following the completion of the transaction, the chief operating officer owned 2,600,231 shares in the company, valued at $16,459,462.23. This trade represents a 2.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

SoundHound AI Price Performance

SOUN opened at $5.93 on Friday. SoundHound AI, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $22.17. The business has a 50-day moving average of $6.68 and a 200-day moving average of $7.21. The company has a market capitalization of $2.63 billion, a PE ratio of -15.60 and a beta of 2.66.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.11. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The business had revenue of $61.90 million during the quarter, compared to analysts’ expectations of $52.38 million. During the same quarter in the previous year, the business posted ($0.19) EPS. The firm’s quarterly revenue was up 45.0% compared to the same quarter last year. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its position in shares of SoundHound AI by 25.0% during the 1st quarter. California State Teachers Retirement System now owns 440,023 shares of the company’s stock worth $3,023,000 after purchasing an additional 87,998 shares during the last quarter. Geode Capital Management LLC grew its holdings in SoundHound AI by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock valued at $91,543,000 after buying an additional 273,097 shares during the last quarter. Havemeyer Place LP bought a new position in SoundHound AI in the 4th quarter worth approximately $956,000. Themes Management Co LLC increased its position in SoundHound AI by 86.5% in the 1st quarter. Themes Management Co LLC now owns 191,444 shares of the company’s stock worth $1,315,000 after buying an additional 88,820 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of SoundHound AI during the first quarter worth approximately $1,606,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

SOUN has been the topic of several analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a research note on Friday, September 11th. Wall Street Zen upgraded shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a report on Sunday, September 13th. DA Davidson lowered their target price on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Piper Sandler cut their target price on SoundHound AI from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.00.

Trending Headlines about SoundHound AI

Here are the key news stories impacting SoundHound AI this week:

• Positive Sentiment: Analysts tracked by American Banking News have an average $13.00 price target for SoundHound AI, well above recent trading levels. The consensus suggests significant potential upside if the company executes on its growth strategy. SoundHound AI Receives $13.00 Average Price Target from Analysts
• Positive Sentiment: SoundHound’s Asia business has extended its deal momentum to five consecutive quarters, including new wins in China and India and continued expansion of its OASYS automotive platform. The progress supports the company’s international growth and automotive AI opportunity. The Zacks Analyst Blog Highlights SoundHound AI
• Positive Sentiment: SoundHound’s completed LivePerson acquisition and appointment of former LivePerson executive John Collins as CFO could improve financial integration and support a push toward sustainable profitability. The company’s recent strong second-quarter results and raised full-year guidance add to the bullish case. SoundHound AI’s LivePerson Deal and New CFO Shift Its Profitability Narrative?
• Neutral Sentiment: SoundHound is being compared with NVIDIA as a faster-growing but much smaller AI company. Its narrower voice-AI focus and continuing losses make SOUN a higher-risk growth investment despite its expansion potential. The Zacks Analyst Blog Highlights SoundHound AI
• Negative Sentiment: CEO Keyvan Mohajer, COO Michael Zagorsek, SVP Majid Emami and insider James Hom collectively sold approximately 285,863 shares at $6.33 per share. The filings identify tax withholding related to vested equity awards as the reason, reducing the bearish signal, although the insider selling may still weigh on sentiment. SoundHound AI Insider Buying and Selling

SoundHound AI Company Profile

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.