Focus Partners Wealth Buys 5,321 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Focus Partners Wealth increased its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 11.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 53,586 shares of the company’s stock after purchasing an additional 5,321 shares during the period. Focus Partners Wealth’s holdings in SoundHound AI were worth $1,083,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Wealth Effects LLC bought a new position in SoundHound AI during the fourth quarter valued at $357,000. Mitchell Capital Management Co. bought a new position in SoundHound AI during the fourth quarter valued at $2,329,000. SG Americas Securities LLC lifted its position in SoundHound AI by 70.2% during the fourth quarter. SG Americas Securities LLC now owns 195,028 shares of the company’s stock valued at $3,869,000 after purchasing an additional 80,448 shares during the last quarter. UNICOM Systems Inc. bought a new position in SoundHound AI during the fourth quarter valued at $4,662,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in SoundHound AI during the fourth quarter valued at $594,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

SoundHound AI stock opened at $11.19 on Friday. The firm has a 50-day moving average price of $9.08 and a 200-day moving average price of $11.53. The firm has a market capitalization of $4.46 billion, a PE ratio of -31.08 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12-month low of $3.82 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. The company had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm’s revenue was up 151.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. DA Davidson lowered their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a report on Monday, May 12th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, Wedbush lowered their target price on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, SoundHound AI presently has a consensus rating of “Hold” and an average price target of $10.29.

Insider Buying and Selling

In related news, CTO Timothy Stonehocker sold 44,157 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total value of $529,884.00. Following the transaction, the chief technology officer now owns 723,009 shares of the company’s stock, valued at $8,676,108. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider James Ming Hom sold 28,388 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the transaction, the insider now directly owns 689,652 shares in the company, valued at $6,827,554.80. This represents a 3.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 548,537 shares of company stock valued at $5,567,760 in the last 90 days. Company insiders own 12.28% of the company’s stock.

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.