Clear Creek Financial Management LLC Trims Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Clear Creek Financial Management LLC cut its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 7.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,907 shares of the company’s stock after selling 5,674 shares during the period. Clear Creek Financial Management LLC’s holdings in SoundHound AI were worth $1,367,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SOUN. Sound Income Strategies LLC lifted its stake in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the period. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the fourth quarter valued at $40,000. ST Germain D J Co. Inc. boosted its holdings in shares of SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after buying an additional 750 shares in the last quarter. Avior Wealth Management LLC purchased a new stake in shares of SoundHound AI in the 4th quarter worth about $64,000. Finally, SJS Investment Consulting Inc. bought a new position in shares of SoundHound AI in the 4th quarter worth about $129,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH restated a “neutral” rating and issued 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 SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $12.36.

Insider Buying and Selling

In other news, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at $1,273,536.55. This trade represents a 14.41 % 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, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Company insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN opened at $14.15 on Friday. The business has a 50-day simple moving average of $15.63 and a two-hundred day simple moving average of $8.85. 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 52 week low of $1.62 and a 52 week high of $24.98. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of -39.31 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. On average, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current 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.