Financial Advocates Investment Management Sells 2,159 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Financial Advocates Investment Management lessened its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,935 shares of the company’s stock after selling 2,159 shares during the period. Financial Advocates Investment Management’s holdings in SoundHound AI were worth $174,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in SoundHound AI by 102.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,840 shares of the company’s stock worth $97,000 after buying an additional 23,163 shares during the last quarter. Great Valley Advisor Group Inc. acquired a new stake in SoundHound AI during the 4th quarter worth about $42,000. Swiss National Bank raised its position in shares of SoundHound AI by 13.9% in the 4th quarter. Swiss National Bank now owns 400,500 shares of the company’s stock worth $849,000 after acquiring an additional 49,000 shares in the last quarter. Versor Investments LP acquired a new position in shares of SoundHound AI in the 4th quarter valued at about $128,000. Finally, Independent Advisor Alliance bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $28,000. Institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on SOUN. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, August 12th. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.08.

Insider Buying and Selling at SoundHound AI

In other news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now owns 74,038 shares in the company, valued at $371,670.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 675,728 shares of company stock worth $3,262,476. Insiders own 21.30% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $4.89 on Friday. The company has a market cap of $1.61 billion, a P/E ratio of -12.87 and a beta of 2.77. The company has a fifty day simple moving average of $4.76 and a 200 day simple moving average of $4.97. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. SoundHound AI, Inc. has a 12-month low of $1.49 and a 12-month high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the prior year, the business earned ($0.10) earnings per share. The firm’s quarterly revenue was up 53.8% compared to the same quarter last year. Sell-side analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal 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.