SoundHound AI, Inc. (NASDAQ:SOUN) Shares Purchased by Fortitude Advisory Group L.L.C.

Fortitude Advisory Group L.L.C. grew its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 2.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 57,922 shares of the company’s stock after acquiring an additional 1,282 shares during the quarter. SoundHound AI comprises approximately 0.7% of Fortitude Advisory Group L.L.C.’s holdings, making the stock its 24th largest position. Fortitude Advisory Group L.L.C.’s holdings in SoundHound AI were worth $1,149,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of SOUN. Kieckhefer Group LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at about $3,432,000. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 7.9% during the 3rd 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 period. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI during the 3rd quarter worth about $4,193,000. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI in the 4th quarter worth approximately $8,964,000. Finally, Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 9.1% in the third 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. Institutional investors own 19.28% of the company’s stock.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on SOUN shares. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Trading Down 11.2 %

NASDAQ:SOUN opened at $14.07 on Tuesday. The stock has a fifty day simple moving average of $15.07 and a 200 day simple moving average of $8.64. 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 firm has a market capitalization of $5.20 billion, a price-to-earnings ratio of -39.08 and a beta of 2.63. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $24.98.

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