Golden State Wealth Management LLC Acquires New Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Golden State Wealth Management LLC acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,115 shares of the company’s stock, valued at approximately $42,000.

Several other institutional investors have also bought and sold shares of SOUN. Strategic Financial Concepts LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth $207,000. Choreo LLC lifted its position in shares of SoundHound AI by 7.6% during the fourth quarter. Choreo LLC now owns 14,424 shares of the company’s stock worth $309,000 after acquiring an additional 1,015 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of SoundHound AI by 201.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 71,487 shares of the company’s stock worth $1,418,000 after acquiring an additional 47,802 shares in the last quarter. JB Capital LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth $288,000. Finally, Golden State Equity Partners purchased a new stake in shares of SoundHound AI during the fourth quarter worth $458,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 9.9 %

Shares of NASDAQ:SOUN opened at $13.81 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. The stock has a market capitalization of $5.43 billion, a P/E ratio of -38.36 and a beta of 2.56. SoundHound AI, Inc. has a 12-month low of $2.08 and a 12-month high of $24.98. The stock’s 50-day moving average price is $16.59 and its 200-day moving average price is $9.38.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) EPS. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SOUN. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.36.

Insider Transactions at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares in the company, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 37,459 shares of the business’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 $760,417.70. Following the sale, the vice president now owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their ownership of the stock. 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 ninety days. 12.28% of the stock is currently owned by corporate insiders.

About SoundHound AI

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.