GG Group Ventures LLC Lowers Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

GG Group Ventures LLC trimmed its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 44.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,816 shares of the company’s stock after selling 17,396 shares during the quarter. GG Group Ventures LLC’s holdings in SoundHound AI were worth $102,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer & Co. Inc. lifted its holdings in shares of SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC raised its stake in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after purchasing an additional 1,975 shares in the last quarter. Genesee Capital Advisors LLC raised its stake in SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after purchasing an additional 2,000 shares in the last quarter. Signaturefd LLC raised its stake in SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright raised their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

Insider Transactions at SoundHound AI

In related news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the sale, the director now owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 535,233 shares of company stock worth $3,801,260. Insiders own 12.28% of the company’s stock.

SoundHound AI Trading Up 0.3 %

SOUN stock opened at $15.06 on Tuesday. The company has a market capitalization of $5.57 billion, a PE ratio of -41.83 and a beta of 3.03. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $16.07. The company’s 50 day moving average price is $6.68 and its two-hundred day moving average price is $5.42. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $23.02 million. During the same quarter last year, the business earned ($0.09) earnings per share. The business’s revenue was up 88.7% on a year-over-year basis. As a group, analysts predict 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.