GTS Securities LLC Sells 61,573 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

GTS Securities LLC cut its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 85.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,427 shares of the company's stock after selling 61,573 shares during the quarter. GTS Securities LLC's holdings in SoundHound AI were worth $207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in SOUN. Vanguard Group Inc. raised its stake in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of SoundHound AI during the fourth quarter valued at $41,595,000. Invesco Ltd. lifted its holdings in shares of SoundHound AI by 1,386.2% during the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. bought a new position in shares of SoundHound AI during the fourth quarter valued at $16,092,000. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SOUN. Piper Sandler began coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price target for the company. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Wedbush reduced their price target on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. DA Davidson reduced their price target 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. Finally, HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, SoundHound AI presently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Stock Performance

NASDAQ:SOUN traded down $0.06 during mid-day trading on Wednesday, hitting $9.87. 11,798,062 shares of the company traded hands, compared to its average volume of 38,315,064. The stock's fifty day moving average price is $9.18 and its 200-day moving average price is $11.85. SoundHound AI, Inc. has a one year low of $3.82 and a one year high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of -27.48 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. SoundHound AI's revenue for the quarter was up 151.2% on a year-over-year basis. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 27,714 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the transaction, the chief technology officer now owns 768,867 shares of the company's stock, valued at $7,611,783.30. This represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the transaction, the insider now directly owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. This trade represents a 3.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 548,537 shares of company stock valued at $5,567,760. Company insiders own 12.28% of the company's stock.

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.