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

Independent Advisor Alliance boosted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 85.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,663 shares of the company’s stock after purchasing an additional 16,880 shares during the period. Independent Advisor Alliance’s holdings in SoundHound AI were worth $171,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of SOUN. Meridian Wealth Management LLC acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at approximately $431,000. Charles Schwab Investment Management Inc. lifted its stake in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of SoundHound AI in the 3rd quarter valued at about $305,000. Briaud Financial Planning Inc acquired a new position in shares of SoundHound AI during the 3rd quarter worth about $92,000. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the period. 19.28% of the stock is currently owned by institutional investors.

Insider Activity

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This trade represents a 3.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 20,337 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 337,275 shares of company stock worth $1,811,044. Corporate insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities boosted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. 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, November 13th. Finally, Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Up 18.1 %

SOUN stock opened at $9.31 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 debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of -25.86 and a beta of 2.71. The business’s fifty day moving average price is $5.75 and its two-hundred day moving average price is $5.11.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.09) earnings per share. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 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.