Wealth Enhancement Advisory Services LLC Acquires 44,059 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 171.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 69,831 shares of the company's stock after purchasing an additional 44,059 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in SoundHound AI were worth $1,385,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Mitchell Capital Management Co. acquired a new position in SoundHound AI during the 4th quarter valued at about $2,329,000. UNICOM Systems Inc. acquired a new position in SoundHound AI during the fourth quarter valued at $4,662,000. Deutsche Bank AG lifted its position in shares of SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock worth $5,249,000 after purchasing an additional 103,450 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock worth $54,078,000 after buying an additional 143,487 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new stake in SoundHound AI during the fourth quarter valued at $41,595,000. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Trading Down 0.9%

Shares of NASDAQ:SOUN traded down $0.09 during midday trading on Monday, hitting $10.02. The company had a trading volume of 27,584,942 shares, compared to its average volume of 38,710,874. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12 month low of $3.82 and a 12 month high of $24.98. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of -27.83 and a beta of 2.64. The firm has a fifty day simple moving average of $9.28 and a 200 day simple moving average of $11.96.

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SOUN shares. HC Wainwright cut their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wedbush cut 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. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, Piper Sandler initiated coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $10.50.

Insider Buying and Selling

In related news, insider James Ming Hom sold 3,815 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $10.00, for a total transaction of $38,150.00. Following the transaction, the insider now directly owns 637,090 shares in the company, valued at approximately $6,370,900. The trade was a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 3,333 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $33,596.64. Following the completion of the sale, the chief technology officer now owns 765,534 shares of the company's stock, valued at approximately $7,716,582.72. This represents a 0.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 548,537 shares of company stock worth $5,567,760 over the last ninety days. Company insiders own 9.17% of the company's stock.

SoundHound AI 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.