Independent Advisor Alliance Has $171,000 Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Independent Advisor Alliance grew its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 85.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 36,663 shares of the company’s stock after buying an additional 16,880 shares during the period. Independent Advisor Alliance’s holdings in SoundHound AI were worth $171,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Carnegie Investment Counsel bought a new position in SoundHound AI in the third quarter valued at approximately $4,193,000. Finally, Janus Henderson Group PLC grew its holdings in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the period. Institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SOUN shares. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Finally, Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $7.64.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction that occurred 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. This represents a 2.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eric R. Ball sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the transaction, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. This represents a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 337,275 shares of company stock worth $1,811,044. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Trading Up 18.1 %

NASDAQ:SOUN opened at $9.31 on Friday. 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 business’s 50-day simple moving average is $5.75 and its 200-day simple moving average is $5.11. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $10.25. The stock has a market capitalization of $3.44 billion, a PE ratio of -25.86 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating 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 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The business’s revenue was up 88.7% on a year-over-year basis. Sell-side analysts expect 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.