Patriot Financial Group Insurance Agency LLC Purchases New Shares in SoundHound AI, Inc. (NASDAQ:SOUN)

Patriot Financial Group Insurance Agency LLC purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 29,953 shares of the company’s stock, valued at approximately $594,000.

Several other large investors have also made changes to their positions in SOUN. Wealth Effects LLC acquired a new stake in shares of SoundHound AI in the fourth quarter worth about $357,000. Fortitude Advisory Group L.L.C. raised its stake in shares of SoundHound AI by 2.3% in the 4th quarter. Fortitude Advisory Group L.L.C. now owns 57,922 shares of the company’s stock valued at $1,149,000 after buying an additional 1,282 shares in the last quarter. KBC Group NV lifted its position in shares of SoundHound AI by 130.3% during the 4th quarter. KBC Group NV now owns 13,221 shares of the company’s stock worth $262,000 after buying an additional 7,480 shares during the period. Apexium Financial LP lifted its holdings in SoundHound AI by 61.3% during the 4th quarter. Apexium Financial LP now owns 32,908 shares of the company’s stock valued at $653,000 after purchasing an additional 12,500 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new position in SoundHound AI in the fourth quarter worth $317,000. Institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.36.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 53,891 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $538,910.00. Following the sale, the insider now owns 813,193 shares in the company, valued at $8,131,930. This represents a 6.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Majid Emami sold 37,459 shares of SoundHound AI stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the sale, the vice president now owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by company insiders.

SoundHound AI Stock Up 1.1 %

Shares of NASDAQ SOUN opened at $14.23 on Wednesday. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $24.98. 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 company has a market cap of $5.26 billion, a price-to-earnings ratio of -39.53 and a beta of 2.63. The stock has a 50-day moving average price of $15.22 and a two-hundred day moving average price of $8.70.

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

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.