SoundHound AI, Inc. (NASDAQ:SOUN) Shares Purchased by Wedbush Securities Inc.

Wedbush Securities Inc. grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 32.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 107,728 shares of the company’s stock after purchasing an additional 26,128 shares during the quarter. Wedbush Securities Inc.’s holdings in SoundHound AI were worth $2,137,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SOUN. Charles Schwab Investment Management Inc. lifted its position in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of SoundHound AI by 43.1% during the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock valued at $708,000 after purchasing an additional 45,750 shares during the period. Quantbot Technologies LP acquired a new position in shares of SoundHound AI during the third quarter worth $57,000. FMR LLC boosted its stake in shares of SoundHound AI by 112.8% in the third quarter. FMR LLC now owns 49,038 shares of the company’s stock valued at $229,000 after purchasing an additional 25,989 shares during the period. Finally, Captrust Financial Advisors grew its holdings in SoundHound AI by 73.4% during the 3rd quarter. Captrust Financial Advisors now owns 69,887 shares of the company’s stock valued at $326,000 after purchasing an additional 29,578 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

Shares of SOUN opened at $7.32 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 $2.92 billion, a price-to-earnings ratio of -20.33 and a beta of 2.73. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98. The stock has a 50 day moving average of $11.03 and a 200-day moving average of $10.69.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, CFO Nitesh Sharan sold 48,639 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $481,526.10. Following the completion of the transaction, the chief financial officer now directly owns 1,454,011 shares in the company, valued at $14,394,708.90. This represents a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 138,895 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the completion of the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at $17,782,793.28. The trade was a 7.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 over the last quarter. 12.28% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on SOUN. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities boosted their price target 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. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, DA Davidson raised their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.86.

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.