Golden State Wealth Management LLC Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Golden State Wealth Management LLC purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, Holdings Channel.com reports. The firm purchased 2,115 shares of the company’s stock, valued at approximately $42,000.

Other institutional investors have also bought and sold shares of the company. Sound Income Strategies LLC increased its stake in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 1,271 shares in the last quarter. NBC Securities Inc. boosted its holdings 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 purchasing an additional 3,818 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at about $40,000. Farther Finance Advisors LLC boosted its holdings 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 last quarter. Finally, TriaGen Wealth Management LLC bought a new position in shares of SoundHound AI during the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on SOUN shares. Wedbush increased their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Performance

SoundHound AI stock opened at $13.81 on Wednesday. The firm has a market capitalization of $5.43 billion, a P/E ratio of -38.36 and a beta of 2.56. The company’s 50-day moving average is $16.59 and its 200 day moving average is $9.38. SoundHound AI, Inc. has a 1-year low of $2.08 and a 1-year high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

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

Insider Transactions at SoundHound AI

In other news, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This trade represents a 5.09 % 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, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently 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.