Great Valley Advisor Group Inc. Invests $42,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

Great Valley Advisor Group Inc. purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, HoldingsChannel reports. The fund purchased 20,000 shares of the company’s stock, valued at approximately $42,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Good Life Advisors LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at approximately $174,000. Raymond James & Associates increased its holdings in SoundHound AI by 221.1% during the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after buying an additional 676,799 shares during the period. Vanguard Group Inc. raised its position in shares of SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after acquiring an additional 2,064,340 shares in the last quarter. Quadrature Capital Ltd bought a new stake in shares of SoundHound AI in the 3rd quarter valued at about $457,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of SoundHound AI by 45.0% during the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after purchasing an additional 6,717 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $4.94 on Wednesday. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The firm has a market capitalization of $1.53 billion, a P/E ratio of -12.67 and a beta of 2.87. The stock has a 50-day simple moving average of $5.53 and a two-hundred day simple moving average of $3.35.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s revenue was up 80.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.15) earnings per share. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a report on Thursday, April 11th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. HC Wainwright increased their price objective on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Wedbush lifted their target price on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Finally, LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $6.88.

Insider Buying and Selling

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction on Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the transaction, the director now owns 530,250 shares of the company’s stock, valued at $2,651,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total value of $192,523.20. Following the sale, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the transaction, the director now owns 530,250 shares in the company, valued at approximately $2,651,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 405,057 shares of company stock valued at $2,587,804. Corporate insiders own 21.30% of the company’s stock.

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.