B. Riley Wealth Advisors Inc. Buys Shares of 28,575 SoundHound AI, Inc. (NASDAQ:SOUN)

B. Riley Wealth Advisors Inc. purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the 2nd quarter, Holdings Channel reports. The firm purchased 28,575 shares of the company’s stock, valued at approximately $113,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Kings Path Partners LLC bought a new stake in SoundHound AI in the 2nd quarter worth about $28,000. Hexagon Capital Partners LLC purchased a new stake in shares of SoundHound AI during the 1st quarter valued at about $29,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the second quarter worth approximately $31,000. HighPoint Advisor Group LLC purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $37,000. Finally, Amalgamated Bank lifted its position in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the period. 19.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Performance

NASDAQ SOUN opened at $4.84 on Friday. The business’s fifty day moving average is $4.80 and its 200 day moving average is $4.77. The company has a market capitalization of $1.59 billion, a PE ratio of -12.74 and a beta of 2.73. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25.

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 during the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.10) earnings per share. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 21,024 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 transaction of $102,597.12. Following the sale, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock valued at $1,606,644 over the last 90 days. Company insiders own 21.30% of the company’s stock.

SoundHound AI 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.