Financial Advocates Investment Management Buys 2,750 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Financial Advocates Investment Management raised its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 6.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 46,685 shares of the company’s stock after purchasing an additional 2,750 shares during the quarter. Financial Advocates Investment Management’s holdings in SoundHound AI were worth $218,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in shares of SoundHound AI by 16.5% in the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after buying an additional 2,629 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of SoundHound AI during the first quarter worth about $107,000. Janney Montgomery Scott LLC purchased a new position in SoundHound AI during the 1st quarter valued at about $109,000. Deuterium Capital Management LLC bought a new position in SoundHound AI during the 1st quarter valued at approximately $59,000. Finally, Zevenbergen Capital Investments LLC bought a new stake in shares of SoundHound AI in the 1st quarter worth approximately $209,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the company’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 $102,597.12. Following the transaction, the insider now owns 865,965 shares in the company, valued at approximately $4,225,909.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Nitesh Sharan sold 39,728 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 $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,275 shares of company stock worth $1,606,644. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Stock Up 2.2 %

SoundHound AI stock opened at $5.14 on Monday. SoundHound AI, Inc. has a twelve month low of $1.60 and a twelve month high of $10.25. The company has a market capitalization of $1.84 billion, a P/E ratio of -13.18 and a beta of 2.71. The stock’s 50 day moving average is $4.95 and its 200 day moving average is $4.79.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same period in the prior year, the firm earned ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

About SoundHound AI

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.