Meridian Wealth Management LLC Sells 35,846 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Meridian Wealth Management LLC lessened its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 40.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,900 shares of the company's stock after selling 35,846 shares during the period. Meridian Wealth Management LLC's holdings in SoundHound AI were worth $421,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of SoundHound AI by 5.8% during the fourth quarter. JPMorgan Chase & Co. now owns 286,817 shares of the company's stock worth $5,690,000 after acquiring an additional 15,672 shares during the last quarter. Franklin Resources Inc. raised its holdings in SoundHound AI by 6.0% during the 4th quarter. Franklin Resources Inc. now owns 40,191 shares of the company's stock worth $797,000 after purchasing an additional 2,291 shares during the last quarter. Wells Fargo & Company MN lifted its position in SoundHound AI by 45.9% during the 4th quarter. Wells Fargo & Company MN now owns 410,040 shares of the company's stock valued at $8,135,000 after purchasing an additional 128,982 shares during the period. Russell Investments Group Ltd. boosted 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 valued at $131,000 after purchasing an additional 929 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of SoundHound AI in the 4th quarter valued at about $215,000. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SOUN. Wedbush boosted their price target on shares of SoundHound AI from $15.00 to $16.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. HC Wainwright dropped 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 report on Monday, May 12th. Piper Sandler reiterated a "neutral" rating and issued a $12.00 price objective on shares of SoundHound AI in a report on Monday, July 14th. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and increased their target price for the company from $9.00 to $16.00 in a research note on Monday. Finally, Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $13.36.

Insider Buying and Selling

In related news, COO Michael Zagorsek sold 117,180 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the completion of the transaction, the chief operating officer directly owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This trade represents a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 2,981 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $9.68, for a total value of $28,856.08. Following the completion of the sale, the chief technology officer owned 716,866 shares in the company, valued at $6,939,262.88. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 913,317 shares of company stock valued at $8,679,813. Corporate insiders own 9.17% of the company's stock.

SoundHound AI Price Performance

SOUN traded up $0.04 during trading on Thursday, reaching $16.54. The company had a trading volume of 46,608,786 shares, compared to its average volume of 51,429,108. The company has a market cap of $6.64 billion, a P/E ratio of -26.25 and a beta of 2.57. SoundHound AI, Inc. has a 12 month low of $4.32 and a 12 month high of $24.98. The business's fifty day moving average price is $11.26 and its 200 day moving average price is $10.55.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). The company 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 company's revenue was up 216.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.11) earnings per share. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.