47,578 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Purchased by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 47,578 shares of the company’s stock, valued at approximately $944,000.

Other large investors have also modified their holdings of the company. Kieckhefer Group LLC acquired a new stake in shares of SoundHound AI in the 4th quarter worth about $3,432,000. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares during the period. Carnegie Investment Counsel acquired a new position in SoundHound AI during the 3rd quarter valued at about $4,193,000. Oriental Harbor Investment Fund acquired a new position in SoundHound AI during the 4th quarter valued at about $8,964,000. Finally, Geode Capital Management LLC increased its stake in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $13.89 on Thursday. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average of $13.59 and a 200-day moving average of $7.97. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of -38.58 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period last year, the company posted ($0.09) earnings per share. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research analyst reports. Northland Securities raised their target price 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. 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 research note on Monday, December 16th. Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

Insiders Place Their Bets

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 of the company’s stock, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last ninety days. 12.28% of the stock is currently owned by company insiders.

SoundHound AI 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.