Farther Finance Advisors LLC Acquires 6,122 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Farther Finance Advisors LLC raised its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 68.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,088 shares of the company’s stock after purchasing an additional 6,122 shares during the period. Farther Finance Advisors LLC’s holdings in SoundHound AI were worth $299,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SOUN. Victory Capital Management Inc. increased its stake in shares of SoundHound AI by 230.9% during the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after buying an additional 1,887 shares during the last quarter. Briaud Financial Planning Inc purchased a new stake in shares of SoundHound AI during the third quarter valued at approximately $92,000. Intech Investment Management LLC purchased a new stake in shares of SoundHound AI during the third quarter valued at approximately $305,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. DA Davidson increased their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Wedbush raised 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. Northland Securities raised 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. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and an average target price of $12.86.

Insider Activity

In other news, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 121,194 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $2,460,238.20. Following the sale, the chief executive officer now owns 2,177,954 shares in the company, valued at $44,212,466.20. The trade was a 5.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,676 shares of company stock worth $10,638,694 in the last three months. Company insiders own 12.28% of the company’s stock.

SoundHound AI Stock Down 5.1 %

SOUN opened at $9.57 on Wednesday. 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, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98. The company has a market capitalization of $3.76 billion, a PE ratio of -26.58 and a beta of 2.62. The firm’s 50 day simple moving average is $12.48 and its two-hundred day simple moving average is $10.33.

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

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.