Wealth Enhancement Advisory Services LLC cut its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 32.4% in the first quarter, according to its most recent disclosure with the 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 quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. Focus Financial Network Inc. grew its holdings in shares of SoundHound AI by 14.5% during the first quarter. Focus Financial Network Inc. now owns 31,386 shares of the company's stock worth $255,000 after buying an additional 3,966 shares in the last quarter. Wealthcare Advisory Partners LLC grew its holdings in shares of SoundHound AI by 30.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 30,484 shares of the company's stock worth $248,000 after buying an additional 7,095 shares in the last quarter. Yarbrough Capital LLC purchased a new stake in shares of SoundHound AI during the first quarter worth $1,258,000. Kraematon Investment Advisors Inc. grew its holdings in shares of SoundHound AI by 8.9% during the first quarter. Kraematon Investment Advisors Inc. now owns 19,500 shares of the company's stock worth $158,000 after buying an additional 1,600 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in shares of SoundHound AI by 59.2% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 47,675 shares of the company's stock worth $387,000 after buying an additional 17,722 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.
SoundHound AI Price Performance
Shares of NASDAQ SOUN traded up $0.19 during midday trading on Wednesday, hitting $12.90. The company's stock had a trading volume of 67,762,203 shares, compared to its average volume of 40,666,393. The business's fifty day simple moving average is $10.08 and its two-hundred day simple moving average is $11.48. The firm has a market capitalization of $5.18 billion, a price-to-earnings ratio of -23.45 and a beta of 2.59. SoundHound AI, Inc. has a 1 year low of $3.94 and a 1 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 for the quarter, beating the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The firm's revenue was up 151.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.07) earnings per share. Analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Transactions at SoundHound AI
In related news, CTO Timothy Stonehocker sold 2,981 shares of the firm'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 sale, the chief technology officer owned 716,866 shares of the company's stock, valued at $6,939,262.88. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of the firm'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 $1,039,998.96. Following the sale, the chief financial officer directly owned 1,442,900 shares in the company, valued at approximately $13,505,544. The trade was a 7.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock valued at $9,247,847 over the last quarter. Insiders own 9.17% of the company's stock.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the stock. Wedbush dropped their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. HC Wainwright lowered 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 note on Monday, May 12th. Piper Sandler assumed coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They set an "overweight" rating and a $12.00 target price for the company. Finally, DA Davidson lowered their target price 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. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $10.50.
Get Our Latest Research Report on SOUN
SoundHound AI Profile
(
Free Report)
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.
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