LPL Financial LLC Grows Position in SoundHound AI, Inc. (NASDAQ:SOUN)

LPL Financial LLC boosted its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 7.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,346,805 shares of the company’s stock after purchasing an additional 93,833 shares during the quarter. LPL Financial LLC’s holdings in SoundHound AI were worth $10,936,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC boosted its holdings in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock valued at $34,000 after purchasing an additional 2,115 shares during the period. Larson Financial Group LLC boosted its holdings in SoundHound AI by 72.7% in the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company’s stock valued at $57,000 after purchasing an additional 2,959 shares during the period. Harbor Investment Advisory LLC lifted its holdings in SoundHound AI by 387.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company’s stock worth $61,000 after buying an additional 6,000 shares during the last quarter. Finally, NBC Securities Inc. lifted its holdings in SoundHound AI by 127,900.0% during the 1st quarter. NBC Securities Inc. now owns 7,680 shares of the company’s stock worth $62,000 after buying an additional 7,674 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 254,376 shares of SoundHound AI stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $2,380,959.36. Following the transaction, the chief executive officer owned 1,749,790 shares in the company, valued at approximately $16,378,034.40. This trade represents a 12.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 111,111 shares of SoundHound AI stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,039,998.96. Following the completion of the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at $13,505,544. The trade was a 7.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock valued at $9,247,847 in the last ninety days. Company insiders own 9.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SOUN shares. DA Davidson cut their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price on the stock in a research report on Friday. Piper Sandler restated a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Wedbush upped their target price on SoundHound AI from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday. Finally, HC Wainwright reduced their target price on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and a consensus target price of $11.44.

SoundHound AI Stock Up 26.4%

SOUN stock opened at $13.55 on Friday. SoundHound AI, Inc. has a 52-week low of $4.32 and a 52-week high of $24.98. The stock’s fifty day simple moving average is $10.76 and its 200-day simple moving average is $10.54. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of -21.51 and a beta of 2.57.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 77.38%. The firm had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. During the same quarter in the previous year, the business posted ($0.11) EPS. SoundHound AI’s revenue was up 216.3% compared to the same quarter last year. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal 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.