Sequoia Financial Advisors LLC Buys 5,278 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Sequoia Financial Advisors LLC boosted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 18.1% during the 4th quarter, HoldingsChannel reports. The fund owned 34,411 shares of the company’s stock after purchasing an additional 5,278 shares during the period. Sequoia Financial Advisors LLC’s holdings in SoundHound AI were worth $683,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SOUN. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC increased its stake in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI during the fourth quarter worth approximately $40,000. Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI during the fourth quarter worth approximately $40,000. Finally, Golden State Wealth Management LLC bought a new stake in SoundHound AI during the fourth quarter worth approximately $42,000. 19.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, DA Davidson boosted their target price on SoundHound AI from $9.50 to $13.00 and gave the company 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 assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Down 2.5 %

Shares of NASDAQ SOUN opened at $10.08 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of -28.00 and a beta of 2.62. The stock has a 50 day moving average price of $12.65 and a 200 day moving average price of $10.30. SoundHound AI, Inc. has a 52-week low of $3.50 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 36,771 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $746,451.30. Following the completion of the sale, the insider now owns 718,040 shares in the company, valued at $14,576,212. This represents a 4.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction 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 sale, the vice president now owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 802,489 shares of company stock worth $16,542,220 over the last 90 days. Company insiders own 12.28% of the company’s stock.

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.