CoreCap Advisors LLC Buys 2,136 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

CoreCap Advisors LLC increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 20.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,532 shares of the company’s stock after purchasing an additional 2,136 shares during the period. CoreCap Advisors LLC’s holdings in SoundHound AI were worth $249,000 as of its most recent SEC filing.

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

SoundHound AI Stock Performance

Shares of SOUN stock opened at $8.98 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a fifty-two week low of $3.82 and a fifty-two week high of $24.98. The stock has a 50 day moving average price of $8.88 and a two-hundred day moving average price of $11.38. The company has a market capitalization of $3.58 billion, a P/E ratio of -24.94 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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 company had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. Analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

SOUN has been the subject of several research reports. Northland Securities upped their target price 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. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, DA Davidson cut their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and a consensus target price of $11.43.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 3,333 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $33,596.64. Following the completion of the transaction, the chief technology officer now owns 765,534 shares in the company, valued at $7,716,582.72. This represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $1,174,189.50. Following the transaction, the chief executive officer now owns 1,903,061 shares of the company’s stock, valued at approximately $18,840,303.90. This represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by 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.