Avantax Advisory Services Inc. Sells 8,633 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Avantax Advisory Services Inc. trimmed its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 12.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 59,336 shares of the company’s stock after selling 8,633 shares during the period. Avantax Advisory Services Inc.’s holdings in SoundHound AI were worth $482,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Carnegie Investment Counsel grew its position in shares of SoundHound AI by 8.9% in the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company’s stock valued at $8,131,000 after purchasing an additional 87,810 shares during the last quarter. Wedbush Securities Inc. grew its holdings in SoundHound AI by 21.0% in the 1st quarter. Wedbush Securities Inc. now owns 130,399 shares of the company’s stock valued at $1,059,000 after buying an additional 22,671 shares during the last quarter. Readystate Asset Management LP bought a new position in SoundHound AI in 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. Finally, Kestra Private Wealth Services LLC lifted its holdings 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 buying an additional 3,665 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on SOUN shares. Piper Sandler reissued a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Wedbush reduced their target price on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. HC Wainwright decreased their target price on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Finally, DA Davidson cut their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Insiders Place Their Bets

In related news, COO Michael Zagorsek sold 117,180 shares of the firm’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,096,804.80. Following the transaction, the chief operating officer owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This trade represents a 8.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Timothy Stonehocker sold 2,981 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $9.68, for a total transaction of $28,856.08. Following the completion of the transaction, the chief technology officer owned 716,866 shares of the company’s stock, valued at $6,939,262.88. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 961,289 shares of company stock worth $9,247,847. 9.17% of the stock is currently owned by insiders.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $11.17 on Wednesday. The business has a 50-day moving average of $10.69 and a 200-day moving average of $10.57. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of -20.31 and a beta of 2.57. SoundHound AI, Inc. has a fifty-two week low of $4.11 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. SoundHound AI’s revenue was up 151.2% on a year-over-year basis. During the same period last year, the business posted ($0.07) EPS. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

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.