AssuredPartners Investment Advisors LLC Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

AssuredPartners Investment Advisors LLC acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 47,648 shares of the company's stock, valued at approximately $945,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after buying an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC raised its holdings in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after acquiring an additional 602,311 shares during the period. Oriental Harbor Investment Fund acquired a new position in SoundHound AI during the 4th quarter worth $8,964,000. Raymond James Financial Inc. bought a new stake in SoundHound AI during the fourth quarter valued at about $6,830,000. Finally, UNICOM Systems Inc. bought a new position in SoundHound AI in the 4th quarter worth approximately $4,662,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 118,605 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer now owns 1,903,061 shares in the company, valued at $18,840,303.90. This represents a 5.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the sale, the insider now 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. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 in the last 90 days. Corporate insiders own 12.28% of the company's stock.

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SoundHound AI Price Performance

Shares of SOUN traded down $0.38 during midday trading on Friday, hitting $8.50. The company's stock had a trading volume of 14,885,639 shares, compared to its average volume of 38,164,303. The company's fifty day simple moving average is $11.79 and its two-hundred day simple moving average is $10.57. The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of -23.61 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $33.70 million. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. DA Davidson boosted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. HC Wainwright reiterated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities increased their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Company 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.