Prosperity Wealth Management Inc. Has $702,000 Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Prosperity Wealth Management Inc. trimmed its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 29.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 35,408 shares of the company’s stock after selling 14,930 shares during the period. Prosperity Wealth Management Inc.’s holdings in SoundHound AI were worth $702,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Commons Capital LLC increased its position in SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after buying an additional 723 shares during the last quarter. ST Germain D J Co. Inc. increased its position in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after buying an additional 750 shares during the last quarter. Keynote Financial Services LLC grew its position in shares of SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after purchasing an additional 752 shares during the last quarter. Blue Trust Inc. grew its position in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the last quarter. Finally, Choreo LLC grew its position in shares of SoundHound AI by 7.6% in the fourth quarter. Choreo LLC now owns 14,424 shares of the company’s stock valued at $309,000 after purchasing an additional 1,015 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 25,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now owns 128,117 shares in the company, valued at $1,793,638. This trade represents a 16.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,024,777 shares of company stock worth $20,412,443 over the last quarter. Company insiders own 12.28% of the company’s stock.

SoundHound AI Stock Down 0.4 %

NASDAQ SOUN opened at $8.54 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a 50-day simple moving average of $13.49 and a 200 day simple moving average of $10.17. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The stock has a market cap of $3.36 billion, a PE ratio of -23.72 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SOUN shares. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson raised their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Finally, Wedbush increased 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. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.