Meridian Wealth Management LLC Sells 4,676 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Meridian Wealth Management LLC reduced its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 5.1% in the fourth quarter, HoldingsChannel reports. The firm owned 87,746 shares of the company’s stock after selling 4,676 shares during the period. Meridian Wealth Management LLC’s holdings in SoundHound AI were worth $1,741,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC increased its holdings in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of SoundHound AI by 298.5% during the third 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 in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Down 4.6 %

SOUN stock opened at $10.32 on Tuesday. The stock’s fifty day simple moving average is $14.99 and its two-hundred day simple moving average is $9.99. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98. The stock has a market cap of $4.06 billion, a P/E ratio of -28.67 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. Analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the director now directly owns 451,756 shares in the company, valued at $5,421,072. The trade was a 9.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James Ming Hom sold 53,891 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $10.00, for a total value of $538,910.00. Following the completion of the sale, the insider now owns 813,193 shares in the company, valued at approximately $8,131,930. The trade was a 6.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,851 shares of company stock worth $44,084,637 over the last ninety days. 12.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SOUN has been the subject of several recent research reports. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.86.

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.