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Cetera Investment Advisers Lowers Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

SoundHound AI logo with Computer and Technology background

Cetera Investment Advisers lessened 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.

Other hedge funds also recently made changes to their positions in the company. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI in the 4th quarter worth $30,000. Golden State Wealth Management LLC lifted its stake in shares of SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after acquiring an additional 2,115 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of SoundHound AI in the 4th quarter worth $88,000. Sunbelt Securities Inc. lifted its stake in shares of SoundHound AI by 153.1% in the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock worth $90,000 after acquiring an additional 2,755 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of SoundHound AI by 16.4% in the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after acquiring an additional 929 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Stock Up 17.3%

Shares of NASDAQ SOUN opened at $15.90 on Tuesday. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of -25.24 and a beta of 2.57. The firm has a 50-day moving average price of $10.87 and a 200 day moving average price of $10.45. SoundHound AI, Inc. has a 52 week low of $4.32 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). The business 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 77.38% and a negative net margin of 171.81%. The business's revenue was up 216.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.11) EPS. Equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. DA Davidson reduced their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. HC Wainwright reduced their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and raised their target price for the stock from $9.00 to $16.00 in a research note on Monday. Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price objective for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and a consensus price target of $13.36.

Read Our Latest Research Report on SOUN

Insider Activity at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 132,352 shares of SoundHound AI stock in a transaction dated Tuesday, June 10th. The shares were 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 owned 537,482 shares in the company, valued at approximately $5,396,319.28. The trade was a 19.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Ming Hom sold 79,530 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the transaction, the insider owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. The trade was a 11.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 957,474 shares of company stock valued at $9,209,697 in the last quarter. 9.17% of the stock is owned by corporate insiders.

About SoundHound AI

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding SOUN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SoundHound AI, Inc. (NASDAQ:SOUN - Free Report).

Institutional Ownership by Quarter for SoundHound AI (NASDAQ:SOUN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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