SoundHound AI, Inc. (NASDAQ:SOUN) Shares Acquired by Prosperity Wealth Management Inc.

Prosperity Wealth Management Inc. grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 18.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,600 shares of the company’s stock after buying an additional 7,900 shares during the quarter. Prosperity Wealth Management Inc.’s holdings in SoundHound AI were worth $107,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. raised its stake in shares of SoundHound AI by 415.4% in the 2nd quarter. BlackRock Inc. now owns 9,515,845 shares of the company’s stock worth $43,297,000 after buying an additional 7,669,606 shares in the last quarter. State Street Corp lifted its stake in SoundHound AI by 517.0% during the second quarter. State Street Corp now owns 2,716,747 shares of the company’s stock valued at $12,361,000 after purchasing an additional 2,276,465 shares during the last quarter. Vanguard Group Inc. boosted its holdings in SoundHound AI by 18.6% during the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares in the last quarter. Geode Capital Management LLC grew its position in SoundHound AI by 145.7% in the second quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company’s stock worth $12,375,000 after buying an additional 1,613,110 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of SoundHound AI by 514.9% in the second quarter. Northern Trust Corp now owns 1,253,401 shares of the company’s stock valued at $5,703,000 after buying an additional 1,049,564 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Buying and Selling

In other SoundHound AI news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the transaction, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Eric R. Ball sold 50,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the transaction, the director now owns 530,250 shares in the company, valued at approximately $2,651,250. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 410,714 shares of company stock worth $2,598,723. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN opened at $3.96 on Thursday. The business’s 50-day moving average is $5.30 and its 200-day moving average is $3.12. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. The business’s revenue for the quarter was up 80.0% on a year-over-year basis. On average, analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

SOUN has been the subject of several analyst reports. DA Davidson upped their target price on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. HC Wainwright upped their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target on the stock. Finally, Wedbush raised their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

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.