Lake Street Private Wealth LLC Purchases Shares of 11,000 SoundHound AI, Inc. (NASDAQ:SOUN)

Lake Street Private Wealth LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 11,000 shares of the company’s stock, valued at approximately $51,000.

A number of other hedge funds have also modified their holdings of SOUN. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the second quarter valued at $28,000. Hexagon Capital Partners LLC purchased a new stake in SoundHound AI during the first quarter valued at about $29,000. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI in the second quarter worth about $31,000. NBC Securities Inc. boosted its holdings in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the period. Finally, Amalgamated Bank increased its position in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Trading Down 5.5 %

NASDAQ SOUN opened at $4.98 on Thursday. The company has a market capitalization of $1.64 billion, a PE ratio of -13.11 and a beta of 2.73. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25. The firm’s fifty day simple moving average is $4.89 and its 200-day simple moving average is $4.74.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. During the same period last year, the business earned ($0.10) earnings per share. The firm’s revenue for the quarter was up 53.8% on a year-over-year basis. As a group, analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on SOUN. Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $7.08.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the sale, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

About SoundHound AI

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.