Wealth Enhancement Advisory Services LLC Sells 22,652 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Wealth Enhancement Advisory Services LLC cut its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 32.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,179 shares of the company's stock after selling 22,652 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in SoundHound AI were worth $383,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC boosted its stake in SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock valued at $149,024,000 after purchasing an additional 315,897 shares during the last quarter. Northern Trust Corp boosted its stake in SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock valued at $57,660,000 after purchasing an additional 264,382 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of SoundHound AI in the 4th quarter worth approximately $41,595,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. DA Davidson cut their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Finally, 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 research note on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 254,376 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $2,380,959.36. Following the transaction, the chief executive officer owned 1,749,790 shares of the company's stock, valued at approximately $16,378,034.40. This represents a 12.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the completion of the transaction, the insider directly owned 637,560 shares in the company, 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. In the last quarter, insiders have sold 961,289 shares of company stock valued at $9,247,847. Corporate insiders own 9.17% of the company's stock.

SoundHound AI Trading Down 5.4%

Shares of NASDAQ:SOUN traded down $0.69 during mid-day trading on Thursday, reaching $12.21. The company had a trading volume of 50,047,616 shares, compared to its average volume of 40,837,204. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of -22.26 and a beta of 2.59. The company's 50-day moving average price is $10.15 and its 200-day moving average price is $11.49. SoundHound AI, Inc. has a one year low of $3.94 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. During the same quarter in the previous year, the firm posted ($0.07) EPS. The business's revenue for the quarter was up 151.2% compared to the same quarter last year. On average, research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.