Newbridge Financial Services Group Inc. Acquires Shares of 27,620 SoundHound AI, Inc. (NASDAQ:SOUN)

Newbridge Financial Services Group Inc. purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 27,620 shares of the company’s stock, valued at approximately $548,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Sound Income Strategies LLC grew its position in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI during the 4th quarter valued at approximately $40,000. Golden State Wealth Management LLC acquired a new stake in SoundHound AI in the fourth quarter worth $42,000. ST Germain D J Co. Inc. lifted its stake in SoundHound AI by 33.2% in the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after buying an additional 750 shares during the last quarter. Finally, Avior Wealth Management LLC acquired a new position in shares of SoundHound AI during the fourth quarter valued at $64,000. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SOUN. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Finally, Wedbush upped their price target 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. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Down 1.1 %

Shares of SOUN opened at $15.60 on Friday. SoundHound AI, Inc. has a one year low of $1.70 and a one year high of $24.98. The company has a 50-day moving average of $16.36 and a two-hundred day moving average of $9.21. 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 (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for 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 company’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.09) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. The trade was a 16.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 in the last 90 days. Company insiders own 12.28% of the company’s stock.

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.