CoreCap Advisors LLC Raises Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

CoreCap Advisors LLC increased its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 20.5% during the 4th quarter, Holdings Channel.com reports. The firm 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 hedge funds and other institutional investors also recently added to or reduced their stakes in SOUN. Blue Trust Inc. grew its stake in 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 period. Sound Income Strategies LLC increased its holdings in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at $40,000. Compagnie Lombard Odier SCmA bought a new position in shares of SoundHound AI during the fourth quarter valued at $40,000. Finally, Golden State Wealth Management LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at $42,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Down 7.8%

SoundHound AI stock opened at $8.98 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a one year low of $3.82 and a one year high of $24.98. The stock has a market capitalization of $3.58 billion, a PE ratio of -24.94 and a beta of 2.71. The business’s fifty day moving average is $8.88 and its 200 day moving average is $11.38.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 55.58% and a negative net margin of 163.58%. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was 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 directly owns 1,903,061 shares of the company’s stock, valued at approximately $18,840,303.90. This trade represents a 5.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the transaction, the insider now directly owns 689,652 shares in the company, valued at $6,827,554.80. The trade was a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. Insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. DA Davidson reduced 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. Wedbush reduced 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. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Finally, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $11.43.

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.