Connable Office Inc. Sells 1,000 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Connable Office Inc. decreased its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 6.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 13,957 shares of the company’s stock after selling 1,000 shares during the quarter. Connable Office Inc.’s holdings in SoundHound AI were worth $277,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in shares of 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 buying an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the fourth quarter worth approximately $40,000. Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI in the fourth quarter worth approximately $40,000. Finally, Farther Finance Advisors LLC boosted its holdings 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 during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value 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. The trade was a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Majid Emami sold 94,067 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. This represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,722,918 shares of company stock valued at $44,935,943. 12.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SOUN shares. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson lifted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Price Performance

SOUN stock opened at $10.84 on Friday. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The company’s fifty day moving average price is $15.19 and its 200-day moving average price is $9.88. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $4.26 billion, a PE ratio of -30.10 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) EPS 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 company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.