AE Wealth Management LLC Has $151,000 Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

AE Wealth Management LLC cut its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 11.6% during the first quarter, HoldingsChannel reports. The firm owned 18,607 shares of the company’s stock after selling 2,432 shares during the period. AE Wealth Management LLC’s holdings in SoundHound AI were worth $151,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Russell Investments Group Ltd. raised its position in shares of SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after buying an additional 929 shares during the last quarter. CreativeOne Wealth LLC increased its position in shares of SoundHound AI by 3.7% during the 4th quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company’s stock worth $595,000 after purchasing an additional 1,073 shares in the last quarter. Allworth Financial LP lifted its holdings in SoundHound AI by 11.6% during the 1st quarter. Allworth Financial LP now owns 11,062 shares of the company’s stock valued at $90,000 after purchasing an additional 1,153 shares during the last quarter. Amalgamated Bank grew its stake in SoundHound AI by 13.7% during the first quarter. Amalgamated Bank now owns 11,162 shares of the company’s stock worth $91,000 after buying an additional 1,343 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth approximately $30,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

Shares of SOUN opened at $10.11 on Friday. The business’s fifty day moving average price is $10.66 and its two-hundred day moving average price is $10.64. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of -18.38 and a beta of 2.57. SoundHound AI, Inc. has a 52 week low of $3.94 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. The business had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The firm’s revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 132,352 shares of SoundHound AI stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the sale, the vice president owned 537,482 shares in the company, valued at $5,396,319.28. The trade was a 19.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 254,376 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the transaction, the chief executive officer owned 1,749,790 shares in the company, valued at $16,378,034.40. This represents a 12.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 961,289 shares of company stock worth $9,247,847. Insiders own 9.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SOUN shares. Wedbush dropped their price target on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Piper Sandler restated a “neutral” rating and issued a $12.00 target price on shares of SoundHound AI in a research note on Monday, July 14th. DA Davidson cut their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, HC Wainwright reduced their price target on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Five research 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, the company presently has a consensus rating of “Hold” and an average target price of $10.50.

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.