Accel Wealth Management Lowers Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Accel Wealth Management reduced its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 9.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,910 shares of the company’s stock after selling 2,943 shares during the period. Accel Wealth Management’s holdings in SoundHound AI were worth $554,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SOUN. Sound Income Strategies LLC raised its stake in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares in the last quarter. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in SoundHound AI in the fourth quarter valued at $40,000. Finally, Farther Finance Advisors LLC raised its position in SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 3.4 %

SoundHound AI stock opened at $15.84 on Friday. The firm has a 50-day moving average of $14.91 and a 200-day moving average of $8.52. 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 1-year low of $1.62 and a 1-year high of $24.98.

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

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the sale, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last three months. Company insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several recent research reports. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.36.

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.