Apexium Financial LP Raises Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Apexium Financial LP lifted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 61.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,908 shares of the company’s stock after acquiring an additional 12,500 shares during the period. Apexium Financial LP’s holdings in SoundHound AI were worth $653,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SOUN. Sound Income Strategies LLC grew its holdings in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares in the last quarter. NBC Securities Inc. lifted its stake in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI during the fourth quarter valued at about $40,000. Finally, Farther Finance Advisors LLC lifted its position in shares of SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after buying an additional 6,716 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $15.84 on Monday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $5.86 billion, a PE ratio of -44.00 and a beta of 2.63. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.98. The business’s fifty day simple moving average is $14.91 and its 200-day simple moving average is $8.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) earnings per share. Analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on SOUN. 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. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus price target of $12.36.

Insider Activity at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the transaction, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last three months. Company insiders own 12.28% of the company’s stock.

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.