SeaCrest Wealth Management LLC Invests $944,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

SeaCrest Wealth Management LLC purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 47,578 shares of the company's stock, valued at approximately $944,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. ST Germain D J Co. Inc. increased its holdings in shares of SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock valued at $60,000 after acquiring an additional 750 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after acquiring an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC lifted its holdings in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock worth $80,000 after acquiring an additional 1,975 shares during the last quarter. Signaturefd LLC grew its holdings in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI during the 4th quarter worth approximately $40,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Price Performance

Shares of SOUN stock traded up $0.17 during mid-day trading on Thursday, hitting $14.06. 57,963,225 shares of the stock traded hands, compared to its average volume of 68,696,008. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company's 50-day simple moving average is $13.76 and its 200-day simple moving average is $8.01. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of -39.04 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analysts' expectations of $23.02 million. During the same period in the previous year, the business earned ($0.09) earnings per share. SoundHound AI's revenue for the quarter was up 88.7% compared to the same quarter last year. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SOUN shares. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday. DA Davidson reaffirmed a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Barclays reissued a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday. Finally, LADENBURG THALM/SH SH reiterated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.36.

Insider Buying and Selling

In related news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now owns 735,685 shares of the company's stock, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now directly owns 178,117 shares of the company's stock, valued at $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,782,918 shares of company stock worth $45,391,343. Corporate 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.