SeaCrest Wealth Management LLC Invests $944,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

SeaCrest Wealth Management LLC acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 47,578 shares of the company’s stock, valued at approximately $944,000.

Several other large investors also recently made changes to their positions in SOUN. Rhumbline Advisers increased its position in shares of SoundHound AI by 106.6% in the second quarter. Rhumbline Advisers now owns 360,167 shares of the company’s stock worth $1,423,000 after acquiring an additional 185,861 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of SoundHound AI by 9.0% in the second quarter. Victory Capital Management Inc. now owns 36,511 shares of the company’s stock valued at $144,000 after purchasing an additional 3,017 shares during the period. Arizona State Retirement System boosted its stake in shares of SoundHound AI by 32.9% in the second quarter. Arizona State Retirement System now owns 72,667 shares of the company’s stock valued at $287,000 after purchasing an additional 17,986 shares during the period. Choreo LLC purchased a new position in shares of SoundHound AI in the second quarter valued at $49,000. Finally, Thoroughbred Financial Services LLC boosted its stake in shares of SoundHound AI by 169.1% in the second quarter. Thoroughbred Financial Services LLC now owns 83,950 shares of the company’s stock valued at $331,000 after purchasing an additional 52,750 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Trading Up 8.6 %

NASDAQ SOUN opened at $13.89 on Thursday. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of -38.58 and a beta of 2.63. The company’s fifty day moving average price is $13.59 and its two-hundred day moving average price is $7.97.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm’s revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction on Thursday, November 21st. The stock was 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 in the company, valued at $1,273,536.55. This trade represents a 14.41 % 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. Company insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several analyst reports. Northland Securities upped their target price 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. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.36.

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.