Accel Wealth Management Decreases Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Accel Wealth Management decreased its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 9.5% during the fourth quarter, Holdings Channel reports. The fund owned 27,910 shares of the company’s stock after selling 2,943 shares during the period. Accel Wealth Management’s holdings in SoundHound AI were worth $554,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC raised its holdings in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares during the period. NBC Securities Inc. increased its position in 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 buying an additional 3,818 shares in the last quarter. Amalgamated Bank raised its stake in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at about $40,000. Finally, Farther Finance Advisors LLC grew its stake in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after acquiring an additional 6,716 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SoundHound AI stock opened at $15.84 on Friday. The company’s 50-day moving average price is $14.91 and its 200-day moving average price is $8.52. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million for 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 for the quarter was up 88.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) earnings per share. Analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. The trade was a 4.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SOUN shares. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.36.

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.