EP Wealth Advisors LLC Acquires New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

EP Wealth Advisors LLC acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,705 shares of the company’s stock, valued at approximately $212,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Wealth Effects LLC purchased a new position in SoundHound AI in the fourth quarter valued at about $357,000. Kraematon Investment Advisors Inc. purchased a new position in SoundHound AI in the fourth quarter valued at about $355,000. Mitchell Capital Management Co. purchased a new position in SoundHound AI in the fourth quarter valued at about $2,329,000. SG Americas Securities LLC increased its holdings in SoundHound AI by 70.2% in the fourth quarter. SG Americas Securities LLC now owns 195,028 shares of the company’s stock valued at $3,869,000 after buying an additional 80,448 shares in the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new position in SoundHound AI in the fourth quarter valued at about $944,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. HC Wainwright dropped their target price on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a report on Monday. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Wedbush dropped their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Hold” and an average price target of $10.29.

SoundHound AI Trading Up 4.4%

Shares of SOUN opened at $11.76 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a 50 day simple moving average of $8.98 and a 200-day simple moving average of $11.42. SoundHound AI, Inc. has a 1-year low of $3.82 and a 1-year high of $24.98. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of -32.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue was up 151.2% on a year-over-year basis. During the same period last year, the company posted ($0.07) EPS. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 3,815 shares of SoundHound AI stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $10.00, for a total value of $38,150.00. Following the completion of the sale, the insider now directly owns 637,090 shares of the company’s stock, valued at approximately $6,370,900. The trade was a 0.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now directly owns 1,903,061 shares of the company’s stock, valued at $18,840,303.90. The trade was a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 548,537 shares of company stock valued at $5,567,760. Company insiders own 12.28% of the company’s stock.

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.