Philip James Wealth Mangement LLC Takes $521,000 Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Philip James Wealth Mangement LLC bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 111,765 shares of the company’s stock, valued at approximately $521,000.

A number of other institutional investors also recently added to or reduced their stakes in SOUN. Kings Path Partners LLC acquired a new stake in SoundHound AI during the 2nd quarter valued at approximately $28,000. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI in the 2nd quarter valued at about $31,000. NBC Securities Inc. increased its stake in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank boosted its position in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC boosted its position in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 1.9 %

NASDAQ:SOUN traded down $0.13 during trading hours on Friday, reaching $6.82. 15,481,021 shares of the stock were exchanged, compared to its average volume of 33,735,453. SoundHound AI, Inc. has a twelve month low of $1.61 and a twelve month high of $10.25. The business has a 50-day moving average of $5.01 and a two-hundred day moving average of $4.83. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -17.82 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business’s revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) earnings per share. On average, research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.08.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is currently owned by corporate insiders.

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.