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

Wealth Enhancement Advisory Services LLC lowered its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 32.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Orion Capital Management LLC purchased a new position in SoundHound AI during the fourth quarter valued at $30,000. BIT Capital GmbH purchased a new position in SoundHound AI during the fourth quarter valued at $43,000. Larson Financial Group LLC lifted its position in SoundHound AI by 76.9% during the fourth quarter. Larson Financial Group LLC now owns 4,068 shares of the company's stock valued at $81,000 after purchasing an additional 1,768 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in SoundHound AI during the fourth quarter valued at $88,000. Finally, Sunbelt Securities Inc. lifted its position in SoundHound AI by 153.1% during the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock valued at $90,000 after purchasing an additional 2,755 shares in the last quarter. Institutional investors own 19.28% of the company's stock.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 254,376 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the transaction, the chief executive officer owned 1,749,790 shares in the company, valued at $16,378,034.40. The trade was a 12.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michael Zagorsek sold 117,180 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wedbush lowered their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. DA Davidson lowered their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Piper Sandler initiated coverage on SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective on the stock. Finally, HC Wainwright lowered their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN traded up $1.33 during trading hours on Tuesday, hitting $12.71. 118,032,796 shares of the company's stock traded hands, compared to its average volume of 40,450,863. SoundHound AI, Inc. has a 1 year low of $3.94 and a 1 year high of $24.98. The business has a fifty day moving average price of $10.01 and a 200-day moving average price of $11.48. The firm has a market capitalization of $5.11 billion, a P/E ratio of -23.11 and a beta of 2.59.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its 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 68.55% and a negative net margin of 184.34%. 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 business earned ($0.07) earnings per share. The company's revenue for the quarter was up 151.2% compared to the same quarter last year. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current 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.