Avantax Advisory Services Inc. Buys 36,594 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Avantax Advisory Services Inc. grew its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 116.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,969 shares of the company's stock after purchasing an additional 36,594 shares during the quarter. Avantax Advisory Services Inc.'s holdings in SoundHound AI were worth $1,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. State Street Corp boosted its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after purchasing an additional 42,869 shares during the period. Geode Capital Management LLC boosted its position in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock worth $54,078,000 after purchasing an additional 143,487 shares during the period. Carnegie Investment Counsel boosted its position in shares of SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock worth $19,484,000 after purchasing an additional 82,300 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of SoundHound AI by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company's stock worth $17,278,000 after purchasing an additional 23,962 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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Insider Activity

In other news, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now owns 108,117 shares of the company's stock, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.28% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SOUN shares. HC Wainwright reiterated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson boosted their target price 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. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday, December 16th. Finally, Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $12.86.

SoundHound AI Price Performance

SoundHound AI stock traded up $0.27 during mid-day trading on Friday, reaching $9.86. 26,153,874 shares of the company's stock traded hands, compared to its average volume of 38,838,712. The company has a market cap of $3.88 billion, a price-to-earnings ratio of -27.39 and a beta of 2.62. The stock has a 50 day moving average of $12.19 and a two-hundred day moving average of $10.36. 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 12-month low of $3.50 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

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.