PFG Investments LLC Lowers Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

PFG Investments LLC trimmed its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 12.3% in the 3rd quarter, Holdings Channel reports. The firm owned 78,620 shares of the company’s stock after selling 11,000 shares during the quarter. PFG Investments LLC’s holdings in SoundHound AI were worth $366,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SOUN. Kings Path Partners LLC bought a new stake in SoundHound AI during the second quarter valued at $28,000. Hexagon Capital Partners LLC purchased a new stake in shares of SoundHound AI in the 1st quarter valued at about $29,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI during the 2nd quarter valued at about $31,000. NBC Securities Inc. boosted its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on SOUN. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities lifted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.08.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 327,275 shares of company stock worth $1,606,644. 21.30% of the stock is currently owned by insiders.

SoundHound AI Stock Down 1.8 %

Shares of NASDAQ:SOUN opened at $6.01 on Wednesday. The stock has a market cap of $1.98 billion, a PE ratio of -15.82 and a beta of 2.73. The company’s fifty day moving average is $4.94 and its 200 day moving average is $4.77. SoundHound AI, Inc. has a 52 week low of $1.51 and a 52 week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) EPS. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current year.

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.