Farther Finance Advisors LLC Boosts Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Farther Finance Advisors LLC increased its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 298.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,966 shares of the company’s stock after purchasing an additional 6,716 shares during the quarter. Farther Finance Advisors LLC’s holdings in SoundHound AI were worth $42,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in SOUN. Kings Path Partners LLC purchased a new position in shares of SoundHound AI during the second quarter valued at approximately $28,000. International Assets Investment Management LLC bought a new stake in SoundHound AI in the second quarter worth $31,000. NBC Securities Inc. grew its stake in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares during the last quarter. Amalgamated Bank raised its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SOUN shares. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities upped their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $7.64.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 40.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock worth $1,606,644 in the last three months. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

SOUN stock opened at $6.63 on Friday. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $10.25. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -18.42 and a beta of 2.71. The business’s 50-day moving average is $5.26 and its two-hundred day moving average is $4.94.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The firm’s revenue was up 88.7% compared to the same quarter last year. Equities analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current 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.