Burr Financial Services LLC Takes $462,000 Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Burr Financial Services LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 23,300 shares of the company’s stock, valued at approximately $462,000. SoundHound AI makes up approximately 0.3% of Burr Financial Services LLC’s investment portfolio, making the stock its 23rd largest holding.

Other hedge funds also recently modified their holdings of the company. Mutual Advisors LLC purchased a new stake in SoundHound AI in the 4th quarter worth approximately $320,000. Janney Montgomery Scott LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth $411,000. SG Americas Securities LLC boosted its position in SoundHound AI by 70.2% during the fourth quarter. SG Americas Securities LLC now owns 195,028 shares of the company’s stock valued at $3,869,000 after purchasing an additional 80,448 shares during the last quarter. Commons Capital LLC grew its stake in SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock valued at $543,000 after purchasing an additional 723 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC increased its position in SoundHound AI by 55.3% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 23,389 shares of the company’s stock worth $464,000 after purchasing an additional 8,329 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 37,459 shares of the business’s 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 $760,417.70. Following the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at $14,173,987.80. The trade was a 5.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on SOUN. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, January 13th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued 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 given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Performance

SOUN opened at $16.38 on Thursday. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.98. The stock’s 50 day moving average price is $14.52 and its two-hundred day moving average price is $8.39. 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 (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.09) EPS. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share 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.