Atria Wealth Solutions Inc. Sells 19,466 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Atria Wealth Solutions Inc. cut its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 64.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 10,524 shares of the company’s stock after selling 19,466 shares during the period. Atria Wealth Solutions Inc.’s holdings in SoundHound AI were worth $209,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the period. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI in the 4th quarter worth approximately $40,000. Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the fourth quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director now directly owns 451,756 shares of the company’s stock, valued at $5,421,072. This trade represents a 9.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. The trade was a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,628,851 shares of company stock worth $44,084,637. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN opened at $10.84 on Monday. The company has a 50-day simple moving average of $15.19 and a two-hundred day simple moving average of $9.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $4.26 billion, a PE ratio of -30.10 and a beta of 2.56. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SOUN shares. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $12.86.

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.