Farther Finance Advisors LLC Increases Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Farther Finance Advisors LLC increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 68.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,088 shares of the company’s stock after acquiring an additional 6,122 shares during the period. Farther Finance Advisors LLC’s holdings in SoundHound AI were worth $299,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC boosted its position in 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 buying an additional 1,271 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI during the fourth quarter valued at about $40,000. Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI during the fourth quarter valued at about $40,000. Finally, Golden State Wealth Management LLC purchased a new stake in SoundHound AI during the fourth quarter valued at about $42,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the transaction, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. This represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the transaction, the director now directly owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 524,676 shares of company stock valued at $10,638,694 over the last three months. Corporate insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. DA Davidson upped their price target on shares of 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 research report on Monday, February 24th. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Northland Securities upped their price objective 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, SoundHound AI currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $9.57 on Wednesday. The company has a market cap of $3.76 billion, a price-to-earnings ratio of -26.58 and a beta of 2.62. The company has a 50-day moving average price of $12.48 and a 200-day moving average price of $10.33. 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 $3.50 and a 12 month high of $24.98.

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

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.