C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) during the 4th quarter, Holdings Channel.com reports. The firm bought 9,445 shares of the company’s stock, valued at approximately $187,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $8,964,000. UNICOM Systems Inc. bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $4,662,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Finally, Kieckhefer Group LLC bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $3,432,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Trading Down 28.1 %

NASDAQ SOUN opened at $10.97 on Friday. The firm has a market capitalization of $4.31 billion, a P/E ratio of -30.47 and a beta of 2.56. The business has a fifty day simple moving average of $16.62 and a 200 day simple moving average of $9.50. SoundHound AI, Inc. has a 12 month low of $3.11 and a 12 month high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the firm posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of research analyst reports. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

Insider Activity

In other news, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now directly owns 451,756 shares of the company’s stock, valued at $5,421,072. This trade represents a 9.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the sale, the director now directly owns 178,117 shares of the company’s stock, valued at approximately $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. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last ninety days. 12.28% of the stock is currently owned by insiders.

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.