Philip James Wealth Mangement LLC Takes $521,000 Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Philip James Wealth Mangement LLC purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 111,765 shares of the company’s stock, valued at approximately $521,000.

Other institutional investors have also modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new position in SoundHound AI during the first quarter worth approximately $107,000. Janney Montgomery Scott LLC acquired a new position in SoundHound AI in the first quarter valued at $109,000. Zevenbergen Capital Investments LLC purchased a new position in shares of SoundHound AI during the first quarter worth about $209,000. Concurrent Investment Advisors LLC purchased a new position in shares of SoundHound AI during the first quarter worth about $199,000. Finally, Thoroughbred Financial Services LLC acquired a new position in SoundHound AI in the 1st quarter valued at about $183,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction on 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 of the company’s stock, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares in the company, valued at approximately $371,670.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on SOUN shares. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Trading Down 1.9 %

Shares of SOUN traded down $0.13 during trading hours on Friday, reaching $6.82. The company had a trading volume of 15,481,021 shares, compared to its average volume of 33,735,453. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -17.82 and a beta of 2.71. SoundHound AI, Inc. has a 12-month low of $1.61 and a 12-month high of $10.25. The firm has a 50 day simple moving average of $5.01 and a 200-day simple moving average of $4.83.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI’s revenue was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.10) earnings per share. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

SoundHound AI Company 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.