SoundHound AI, Inc. (NASDAQ:SOUN) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance decreased its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 21.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,955 shares of the company’s stock after selling 7,708 shares during the quarter. Independent Advisor Alliance’s holdings in SoundHound AI were worth $574,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. State Street Corp lifted its holdings in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares during the period. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after buying an additional 143,487 shares during the period. Carnegie Investment Counsel lifted its holdings in shares of SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock valued at $19,484,000 after buying an additional 82,300 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of SoundHound AI by 2.8% during the 4th quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock valued at $17,278,000 after acquiring an additional 23,962 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the transaction, the vice president now owns 698,226 shares in the company, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 121,194 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $2,460,238.20. Following the completion of the transaction, the chief executive officer now owns 2,177,954 shares in the company, valued at $44,212,466.20. This represents a 5.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 802,489 shares of company stock worth $16,542,220. 12.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SOUN shares. DA Davidson lifted their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Northland Securities lifted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $10.34 on Monday. The company’s fifty day moving average is $12.85 and its two-hundred day moving average is $10.26. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98. The company has a market cap of $4.07 billion, a P/E ratio of -28.72 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Equities analysts expect that SoundHound AI, Inc. will post -0.38 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.