Freedom Investment Management Inc. Sells 1,943 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Freedom Investment Management Inc. cut its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 5.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,218 shares of the company’s stock after selling 1,943 shares during the period. Freedom Investment Management Inc.’s holdings in SoundHound AI were worth $150,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Kings Path Partners LLC bought a new position in SoundHound AI in the second quarter valued at about $28,000. NBC Securities Inc. lifted its position in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the period. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter valued at about $31,000. Farther Finance Advisors LLC grew its position in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after buying an additional 6,716 shares during the period. Finally, Amalgamated Bank raised its stake in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Price Performance

Shares of SOUN opened at $8.95 on Tuesday. The stock has a 50 day simple moving average of $5.84 and a 200 day simple moving average of $5.13. SoundHound AI, Inc. has a 52-week low of $1.62 and a 52-week high of $10.25. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $3.31 billion, a PE ratio of -26.06 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) earnings per share. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 337,275 shares of company stock valued at $1,811,044 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on the stock. HC Wainwright lifted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities boosted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.64.

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.