Integrated Wealth Concepts LLC Buys 1,975 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Integrated Wealth Concepts LLC grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 13.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,150 shares of the company’s stock after buying an additional 1,975 shares during the period. Integrated Wealth Concepts LLC’s holdings in SoundHound AI were worth $80,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SOUN. Oppenheimer & Co. Inc. increased its stake in SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares during the last quarter. Signaturefd LLC increased its position in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in SoundHound AI by 13.7% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock valued at $82,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Wolverine Asset Management LLC grew its stake in SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after buying an additional 2,522 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SOUN. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright raised their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $7.64.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 368,041 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $15.00, for a total value of $5,520,615.00. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,487,220. The trade was a 13.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $7,189,811.36. This represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,035,416 shares of company stock valued at $26,334,544. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $16.91 on Friday. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $17.29. The stock has a market cap of $6.25 billion, a PE ratio of -46.97 and a beta of 3.03. The company’s fifty day moving average price is $7.48 and its 200-day moving average price is $5.69. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) earnings per share. On average, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS 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.