Nicolet Advisory Services LLC Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Nicolet Advisory Services LLC acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 11,252 shares of the company’s stock, valued at approximately $223,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SOUN. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI in the 4th quarter worth approximately $3,432,000. Charles Schwab Investment Management Inc. raised its stake in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI during the fourth quarter worth $8,964,000. Geode Capital Management LLC boosted its position in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC purchased a new position in shares of SoundHound AI in the 4th quarter valued at $357,000. 19.28% of the stock is currently owned by institutional investors.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the transaction, the chief executive officer now directly owns 1,903,061 shares of the company’s stock, valued at approximately $18,840,303.90. This trade represents a 5.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Diana Sroka sold 3,402 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the sale, the director now directly owns 138,850 shares in the company, valued at $1,399,608. This trade represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock worth $4,999,726 over the last three months. 12.28% of the stock is currently owned by insiders.

SoundHound AI Trading Down 11.8 %

NASDAQ SOUN opened at $7.32 on Friday. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98. The company has a fifty day simple moving average of $11.03 and a two-hundred day simple moving average of $10.65. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $2.92 billion, a P/E ratio of -20.33 and a beta of 2.62.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. DA Davidson raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Hold” and a consensus target price 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.