Sequoia Financial Advisors LLC Acquires 5,278 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Sequoia Financial Advisors LLC grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 18.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,411 shares of the company’s stock after purchasing an additional 5,278 shares during the period. Sequoia Financial Advisors LLC’s holdings in SoundHound AI were worth $683,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. increased its holdings in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC boosted its stake in shares of 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 during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the 4th quarter worth $40,000. Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI in the 4th quarter worth $40,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of SoundHound AI in the 4th quarter worth $42,000. Institutional investors own 19.28% of the company’s stock.

Insider Buying and Selling at SoundHound AI

In other news, COO Michael Zagorsek sold 277,813 shares of SoundHound AI stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 34,407 shares of SoundHound AI stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now directly owns 796,581 shares in the company, valued at $16,170,594.30. This trade represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 802,489 shares of company stock valued at $16,542,220 over the last ninety days. 12.28% of the stock is currently owned by company insiders.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $10.08 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s 50-day simple moving average is $12.65 and its two-hundred day simple moving average is $10.30. The stock has a market cap of $3.96 billion, a PE ratio of -28.00 and a beta of 2.62. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98.

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

Analysts Set New Price Targets

SOUN has been the topic of a number of research reports. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson raised their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. 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 data from MarketBeat, SoundHound AI has a consensus rating of “Hold” and a consensus price target of $12.86.

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.