Sheaff Brock Investment Advisors LLC Sells 4,985 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Sheaff Brock Investment Advisors LLC trimmed its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 27.0% during the 3rd quarter, Holdings Channel reports. The fund owned 13,467 shares of the company’s stock after selling 4,985 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in SoundHound AI were worth $63,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SOUN. Carnegie Investment Counsel bought a new position in shares of SoundHound AI during the third quarter valued at approximately $4,193,000. Vanguard Group Inc. boosted its position in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of SoundHound AI by 914.6% in the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after acquiring an additional 72,252 shares during the period. Bank of New York Mellon Corp raised its position in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after purchasing an additional 195,011 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Down 4.1 %

NASDAQ:SOUN opened at $6.36 on Friday. The company has a market capitalization of $2.28 billion, a P/E ratio of -17.67 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 8.77 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $10.25. The firm has a fifty day simple moving average of $5.30 and a 200-day simple moving average of $4.95.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.09) EPS. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have issued reports on SOUN. Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday. HC Wainwright raised their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $7.64.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This trade represents a 2.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This trade represents a 40.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock worth $1,606,644 over the last quarter. Insiders own 12.28% of the company’s stock.

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.