Wedbush Securities Inc. Grows Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Wedbush Securities Inc. boosted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 32.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 107,728 shares of the company’s stock after buying an additional 26,128 shares during the quarter. Wedbush Securities Inc.’s holdings in SoundHound AI were worth $2,137,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of SOUN. Vanguard Group Inc. increased its stake in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC grew its holdings in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund purchased a new position in shares of SoundHound AI in the fourth quarter valued at $8,964,000. Wellington Management Group LLP acquired a new position in shares of SoundHound AI during the 4th quarter worth $7,789,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of SoundHound AI in the 4th quarter worth about $6,830,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Majid Emami sold 28,392 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now directly owns 669,834 shares in the company, valued at $6,631,356.60. This represents a 4.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares in the company, valued at $1,399,608. The trade was a 2.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last 90 days. 12.28% of the stock is currently owned by insiders.

SoundHound AI Trading Down 11.8 %

Shares of SOUN opened at $7.32 on Friday. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The company has a market capitalization of $2.92 billion, a PE ratio of -20.33 and a beta of 2.73. The stock has a fifty day moving average of $11.03 and a two-hundred day moving average of $10.69. 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 released its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SOUN shares. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. DA Davidson raised their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Northland Securities upped their target price 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. HC Wainwright reissued a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.