Fortis Group Advisors LLC Boosts Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Fortis Group Advisors LLC grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 17.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 23,922 shares of the company’s stock after buying an additional 3,492 shares during the period. Fortis Group Advisors LLC’s holdings in SoundHound AI were worth $111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Clarus Group Inc. purchased a new stake in shares of SoundHound AI during the third quarter worth $89,000. TriaGen Wealth Management LLC purchased a new stake in shares of SoundHound AI during the third quarter worth $47,000. NBC Securities Inc. lifted its position in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares in the last quarter. Creative Planning purchased a new stake in shares of SoundHound AI during the third quarter worth $91,000. Finally, Carnegie Investment Counsel purchased a new stake in shares of SoundHound AI during the third quarter worth $4,193,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 2.2 %

SOUN opened at $5.27 on Wednesday. The stock has a market cap of $1.73 billion, a PE ratio of -13.87 and a beta of 2.73. SoundHound AI, Inc. has a 52 week low of $1.49 and a 52 week high of $10.25. The business’s fifty day simple moving average is $4.88 and its 200 day simple moving average is $4.74.

SoundHound AI (NASDAQ:SOUN) last released 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 during the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm’s revenue was up 53.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.10) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock valued at $1,606,644 over the last 90 days. 21.30% of the stock is owned by insiders.

Analysts Set New Price Targets

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

About SoundHound AI

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.