Kessler Investment Group LLC Sells 9,551 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Kessler Investment Group LLC trimmed its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 28.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,261 shares of the company’s stock after selling 9,551 shares during the period. Kessler Investment Group LLC’s holdings in SoundHound AI were worth $113,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC grew its holdings in SoundHound AI by 17.1% during the 3rd quarter. Fortis Group Advisors LLC now owns 23,922 shares of the company’s stock valued at $111,000 after purchasing an additional 3,492 shares during the last quarter. Clarus Group Inc. purchased a new stake in SoundHound AI in the 3rd quarter valued at about $89,000. TriaGen Wealth Management LLC purchased a new stake in SoundHound AI in the 3rd quarter valued at about $47,000. NBC Securities Inc. boosted its position in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the period. Finally, Creative Planning purchased a new stake in SoundHound AI in the 3rd quarter valued at about $91,000. 19.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. 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 accessible through this link. Also, insider James Ming Hom sold 21,024 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 transaction of $102,597.12. Following the sale, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock valued at $1,606,644 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

SOUN has been the subject of several research reports. Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, September 18th. Cantor Fitzgerald raised shares of 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 report on Friday, August 9th. Finally, DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Price Performance

SoundHound AI stock traded down $0.07 during mid-day trading on Tuesday, reaching $5.32. 3,541,865 shares of the company traded hands, compared to its average volume of 34,186,621. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -14.18 and a beta of 2.73. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The firm’s fifty day moving average is $4.88 and its two-hundred day moving average is $4.74.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) earnings per share. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share 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.