Integrated Wealth Concepts LLC Grows Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Integrated Wealth Concepts LLC increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 13.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 17,150 shares of the company’s stock after buying an additional 1,975 shares during the period. Integrated Wealth Concepts LLC’s holdings in SoundHound AI were worth $80,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the 2nd quarter worth $28,000. NBC Securities Inc. lifted its holdings in SoundHound AI by 97.8% in the third 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 period. International Assets Investment Management LLC purchased a new position in SoundHound AI in the second quarter worth about $31,000. Farther Finance Advisors LLC grew its stake in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the period. Finally, Amalgamated Bank increased its position in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $16.91 on Friday. 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 business’s 50 day moving average price is $7.48 and its 200-day moving average price is $5.69. The company has a market cap of $6.25 billion, a P/E ratio of -46.97 and a beta of 3.03. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $17.29.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating 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 company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the firm posted ($0.09) EPS. The firm’s revenue was up 88.7% compared to the same quarter last year. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

SOUN has been the subject of several recent research reports. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright upped their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $7.64.

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,035,416 shares of company stock worth $26,334,544 in the last quarter. 12.28% of the stock is owned by company insiders.

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.