Cetera Investment Advisers Has $1.10 Million Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Key Points

• Cetera Investment Advisers reduced its stake in SoundHound AI by 19.0%, owning 135,514 shares worth approximately $1.1 million after selling 31,789 shares in the first quarter.
• Several analysts have issued mixed ratings for SoundHound AI, with Northland Capital upgrading it to a "strong-buy," while HC Wainwright and DA Davidson lowered their price targets significantly.
• The stock traded up 0.5% to $15.98, with a market cap of $6.42 billion, despite the company reporting a negative EPS of ($0.19) for the most recent quarter, missing estimates.

Cetera Investment Advisers reduced its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 19.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 135,514 shares of the company's stock after selling 31,789 shares during the period. Cetera Investment Advisers' holdings in SoundHound AI were worth $1,100,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Russell Investments Group Ltd. grew its stake in shares of SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after purchasing an additional 929 shares during the period. CreativeOne Wealth LLC grew its stake in shares of SoundHound AI by 3.7% during the fourth quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company's stock worth $595,000 after purchasing an additional 1,073 shares during the period. Allworth Financial LP grew its stake in shares of SoundHound AI by 11.6% during the first quarter. Allworth Financial LP now owns 11,062 shares of the company's stock worth $90,000 after purchasing an additional 1,153 shares during the period. Amalgamated Bank grew its stake in SoundHound AI by 13.7% in the first quarter. Amalgamated Bank now owns 11,162 shares of the company's stock valued at $91,000 after acquiring an additional 1,343 shares during the period. Finally, Orion Capital Management LLC acquired a new position in SoundHound AI in the fourth quarter valued at about $30,000. 19.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 132,352 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the transaction, the vice president directly owned 537,482 shares of the company's stock, valued at $5,396,319.28. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $744,400.80. Following the transaction, the insider directly owned 637,560 shares of the company's stock, valued at $5,967,561.60. This represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 913,317 shares of company stock valued at $8,679,813 over the last ninety days. Company insiders own 9.17% of the company's stock.

SoundHound AI Trading Down 5.5%

Shares of SOUN stock traded down $0.91 on Friday, hitting $15.63. 12,551,415 shares of the stock were exchanged, compared to its average volume of 41,050,750. The firm has a market capitalization of $6.28 billion, a P/E ratio of -24.78 and a beta of 2.57. The business has a 50-day moving average of $11.26 and a 200 day moving average of $10.55. SoundHound AI, Inc. has a fifty-two week low of $4.32 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The firm had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%. The firm's quarterly revenue was up 216.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) earnings per share. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on SOUN. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and boosted their target price for the company from $9.00 to $16.00 in a research note on Monday. Piper Sandler reissued a "neutral" rating and issued a $12.00 target price on shares of SoundHound AI in a research note on Monday, July 14th. Northland Securities raised SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price for the company in a research note on Friday, August 8th. Wall Street Zen cut SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Northland Capmk raised SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $13.36.

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.