SoundHound AI, Inc. (NASDAQ:SOUN) Shares Bought by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. lifted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 116.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,969 shares of the company’s stock after purchasing an additional 36,594 shares during the period. Avantax Advisory Services Inc.’s holdings in SoundHound AI were worth $1,348,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SOUN. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund acquired a new position in shares of SoundHound AI in the 4th quarter worth approximately $8,964,000. Raymond James Financial Inc. acquired a new position in shares of SoundHound AI in the 4th quarter worth approximately $6,830,000. UNICOM Systems Inc. acquired a new position in shares of SoundHound AI in the 4th quarter worth approximately $4,662,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN opened at $9.57 on Wednesday. The company’s 50 day moving average price is $12.48 and its 200 day moving average price is $10.33. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98. The company has a market capitalization of $3.76 billion, a PE ratio of -26.58 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business 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%. Research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of SoundHound AI 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 completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the sale, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 524,676 shares of company stock worth $10,638,694 over the last ninety days. 12.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

SOUN has been the topic of several analyst reports. DA Davidson lifted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. 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. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, SoundHound AI presently has an average rating of “Hold” and an average price target of $12.86.

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.