AssuredPartners Investment Advisors LLC Invests $945,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

AssuredPartners Investment Advisors LLC bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 47,648 shares of the company’s stock, valued at approximately $945,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC grew its holdings 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 period. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the fourth quarter valued at approximately $40,000. Compagnie Lombard Odier SCmA acquired a new position in SoundHound AI in the fourth quarter valued at approximately $40,000. Finally, Golden State Wealth Management LLC purchased a new stake in SoundHound AI in the 4th quarter worth approximately $42,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Trading Down 5.3 %

Shares of SoundHound AI stock opened at $8.88 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. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The firm has a market capitalization of $3.54 billion, a PE ratio of -24.67 and a beta of 2.62. The firm’s 50-day moving average price is $11.89 and its 200 day moving average price is $10.50.

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 firm had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SOUN shares. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities upped 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 report on Tuesday, January 14th. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, DA Davidson increased their price target on 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 MarketBeat.com, SoundHound AI has an average rating of “Hold” and a consensus target price of $12.86.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 27,714 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the sale, the chief technology officer now owns 768,867 shares of the company’s stock, valued at approximately $7,611,783.30. This trade represents a 3.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diana Sroka sold 3,402 shares of the company’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 $34,292.16. Following the completion of the sale, the director now owns 138,850 shares of the company’s stock, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 over the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

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.