SoundHound AI, Inc. (NASDAQ:SOUN) Shares Acquired by Wealthcare Advisory Partners LLC

Wealthcare Advisory Partners LLC boosted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 30.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,484 shares of the company’s stock after purchasing an additional 7,095 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in SoundHound AI were worth $248,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI in the fourth quarter worth about $41,595,000. Invesco Ltd. raised its position in SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock worth $27,426,000 after acquiring an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in SoundHound AI in the fourth quarter worth about $16,421,000. Finally, Capital Fund Management S.A. bought a new stake in SoundHound AI in the fourth quarter worth about $16,092,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SOUN shares. DA Davidson dropped their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. HC Wainwright dropped their price target on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an “overweight” rating and a $12.00 price target on the stock. Wedbush lowered their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $10.50.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares of the company’s stock, valued at approximately $6,827,554.80. This trade represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $1,174,189.50. Following the completion of the transaction, the chief executive officer now directly owns 1,903,061 shares of the company’s stock, valued at $18,840,303.90. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 680,889 shares of company stock worth $6,896,574. 9.17% of the stock is owned by company insiders.

SoundHound AI Trading Down 3.9%

NASDAQ:SOUN opened at $9.10 on Friday. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of -25.28 and a beta of 2.64. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average price is $9.46 and its two-hundred day moving average price is $11.99. SoundHound AI, Inc. has a 1-year low of $3.82 and a 1-year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The company had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue was up 151.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) earnings per share. On average, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

SoundHound AI Company 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.