Focus Financial Network Inc. Boosts Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Focus Financial Network Inc. grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 6.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,420 shares of the company’s stock after acquiring an additional 1,652 shares during the period. Focus Financial Network Inc.’s holdings in SoundHound AI were worth $544,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sound Income Strategies LLC raised its stake in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. Golden State Wealth Management LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $42,000. ST Germain D J Co. Inc. raised its stake in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after acquiring an additional 750 shares in the last quarter. Finally, Avior Wealth Management LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $64,000. Institutional investors own 19.28% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SoundHound AI Price Performance

NASDAQ SOUN opened at $15.25 on Friday. The firm’s fifty day simple moving average is $16.70 and its two-hundred day simple moving average is $9.45. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12-month low of $2.22 and a 12-month high of $24.98. The firm has a market capitalization of $6.00 billion, a P/E ratio of -42.36 and a beta of 2.56.

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

Insiders Place Their Bets

In other news, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by insiders.

SoundHound AI Company 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.