Wedbush Securities Inc. Boosts Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Wedbush Securities Inc. grew its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 21.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 130,399 shares of the company's stock after buying an additional 22,671 shares during the period. Wedbush Securities Inc.'s holdings in SoundHound AI were worth $1,059,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Readystate Asset Management LP bought a new position in shares of SoundHound AI during the 1st quarter worth approximately $117,000. PFG Advisors acquired a new position in shares of SoundHound AI during the first quarter worth approximately $106,000. Kestra Private Wealth Services LLC raised its position in shares of SoundHound AI by 27.5% during the first quarter. Kestra Private Wealth Services LLC now owns 16,975 shares of the company's stock worth $138,000 after purchasing an additional 3,665 shares during the period. Victory Capital Management Inc. raised its position in shares of SoundHound AI by 308.4% during the first quarter. Victory Capital Management Inc. now owns 163,713 shares of the company's stock worth $1,329,000 after purchasing an additional 123,623 shares during the period. Finally, Larson Financial Group LLC raised its position in shares of SoundHound AI by 72.7% during the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company's stock worth $57,000 after purchasing an additional 2,959 shares during the period. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on SOUN. DA Davidson lowered their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Piper Sandler reissued a "neutral" rating and issued a $12.00 price target on shares of SoundHound AI in a research report on Monday, July 14th. Wedbush decreased their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, HC Wainwright decreased their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.50.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 111,111 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the completion of the sale, the chief financial officer owned 1,442,900 shares in the company, valued at approximately $13,505,544. This trade represents a 7.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 254,376 shares of SoundHound AI stock in a transaction dated 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 sale, the chief executive officer owned 1,749,790 shares of the company's stock, valued at approximately $16,378,034.40. This trade represents a 12.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock worth $9,247,847 over the last quarter. Insiders own 9.17% of the company's stock.

SoundHound AI Stock Down 2.1%

SOUN traded down $0.25 during trading hours on Friday, hitting $11.71. The stock had a trading volume of 37,646,611 shares, compared to its average volume of 47,158,012. The company's fifty day simple moving average is $10.59 and its 200 day simple moving average is $10.75. SoundHound AI, Inc. has a 1 year low of $3.94 and a 1 year high of $24.98. The stock has a market cap of $4.70 billion, a PE ratio of -21.29 and a beta of 2.59.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping 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 the consensus estimate of $30.38 million. During the same quarter last year, the company earned ($0.07) EPS. The firm's revenue was up 151.2% compared to the same quarter last year. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current 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.