Financial Advocates Investment Management Has $693,000 Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Financial Advocates Investment Management lessened its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 25.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,925 shares of the company’s stock after selling 11,760 shares during the period. Financial Advocates Investment Management’s holdings in SoundHound AI were worth $693,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the period. NBC Securities Inc. grew its position in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI during the 4th quarter valued at $40,000. Farther Finance Advisors LLC lifted its holdings in shares of SoundHound AI by 298.5% in 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. Finally, Sei Investments Co. acquired a new stake in shares of SoundHound AI in the second quarter worth $43,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Down 1.1 %

SOUN stock opened at $15.60 on Friday. 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 firm has a market cap of $5.77 billion, a PE ratio of -43.33 and a beta of 2.56. SoundHound AI, Inc. has a 1 year low of $1.70 and a 1 year high of $24.98. The company has a fifty day simple moving average of $16.36 and a 200 day simple moving average of $9.18.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) EPS. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the transaction, the director now owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by insiders.

Analyst Ratings Changes

SOUN has been the subject of several research analyst reports. Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped their price objective 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. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Finally, Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company 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.