Wealthcare Advisory Partners LLC Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Wealthcare Advisory Partners LLC acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 14,379 shares of the company’s stock, valued at approximately $85,000.

Other institutional investors have also modified their holdings of the company. Sovereign Financial Group Inc. acquired a new stake in SoundHound AI during the first quarter valued at approximately $163,000. Global Assets Advisory LLC bought a new position in shares of SoundHound AI in the first quarter valued at $819,000. Ballew Advisors Inc acquired a new stake in shares of SoundHound AI during the 1st quarter valued at $59,000. HighPoint Advisor Group LLC acquired a new position in shares of SoundHound AI in the 4th quarter worth $37,000. Finally, Quadrature Capital Ltd grew its holdings in shares of SoundHound AI by 67.1% in the 4th quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock worth $807,000 after acquiring an additional 153,273 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. DA Davidson increased their price target on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a report on Thursday, April 11th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a report on Monday, May 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Price Performance

Shares of SOUN opened at $3.94 on Wednesday. The business’s 50-day moving average is $4.63 and its 200-day moving average is $4.12. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of -10.37 and a beta of 2.77. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The firm had revenue of $11.59 million for the quarter, compared to analyst estimates of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The company’s revenue for the quarter was up 72.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.12) EPS. Equities research analysts expect that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Nitesh Sharan sold 22,384 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $90,431.36. Following the transaction, the chief financial officer now owns 728,633 shares of the company’s stock, valued at $2,943,677.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the sale, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 417,728 shares of company stock valued at $1,815,476. Insiders own 21.30% 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.