Newbridge Financial Services Group Inc. Purchases New Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Newbridge Financial Services Group Inc. acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 27,620 shares of the company's stock, valued at approximately $548,000.

Other hedge funds also recently modified their holdings of the company. Sound Income Strategies LLC increased its stake in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares during the last quarter. NBC Securities Inc. grew its stake in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after buying an additional 3,818 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the 4th quarter valued at $40,000. Farther Finance Advisors LLC increased its position in SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock worth $42,000 after acquiring an additional 6,716 shares during the period. Finally, Golden State Wealth Management LLC bought a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $42,000. Institutional investors own 19.28% of the company's stock.

SoundHound AI Trading Up 1.2 %

Shares of SoundHound AI stock traded up $0.16 during midday trading on Wednesday, reaching $13.97. 24,703,090 shares of the company's stock traded hands, compared to its average volume of 54,928,922. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a 12 month low of $2.08 and a 12 month high of $24.98. The company has a market cap of $5.49 billion, a PE ratio of -38.81 and a beta of 2.56. The stock has a 50 day moving average of $16.66 and a 200-day moving average of $9.41.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the company earned ($0.09) EPS. The firm's revenue for the quarter was up 88.7% on a year-over-year basis. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on SOUN shares. LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reissued a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. Finally, Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $12.36.

Insiders Place Their Bets

In other news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares of the company's stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michael Zagorsek sold 277,813 shares of SoundHound AI stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares of the company's stock, valued at $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last quarter. 12.28% of the stock is currently owned by corporate insiders.

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.