Atria Wealth Solutions Inc. Sells 19,466 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Atria Wealth Solutions Inc. cut its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 64.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,524 shares of the company’s stock after selling 19,466 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in SoundHound AI were worth $209,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Blue Trust Inc. grew its holdings in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC lifted its position in shares of SoundHound AI by 2,542.0% during 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. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the 4th quarter worth $40,000. Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI in the 4th quarter worth about $40,000. Finally, Farther Finance Advisors LLC increased its holdings in SoundHound AI by 298.5% in the 3rd 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 last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $10.84 on Monday. The company’s 50 day simple moving average is $15.19 and its two-hundred day simple moving average is $9.95. The stock has a market capitalization of $4.26 billion, a PE ratio of -30.10 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. Analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wedbush increased 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. DA Davidson raised their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $12.86.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at $16,170,594.30. This represents a 4.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,851 shares of company stock valued at $44,084,637 in the last 90 days. Corporate insiders own 12.28% of the company’s stock.

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.