Prosperity Wealth Management Inc. Increases Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Prosperity Wealth Management Inc. lifted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 18.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 50,600 shares of the company’s stock after acquiring an additional 7,900 shares during the period. Prosperity Wealth Management Inc.’s holdings in SoundHound AI were worth $107,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada raised its stake in SoundHound AI by 520.7% during the second quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock worth $40,000 after purchasing an additional 7,290 shares during the period. Two Sigma Securities LLC purchased a new stake in shares of SoundHound AI during the 1st quarter valued at approximately $28,000. State of Wisconsin Investment Board acquired a new position in SoundHound AI in the second quarter valued at approximately $52,000. Ameritas Investment Partners Inc. purchased a new position in SoundHound AI in the second quarter worth approximately $53,000. Finally, Stephens Inc. AR acquired a new stake in SoundHound AI during the second quarter worth $55,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $3.96 on Thursday. The business’s fifty day simple moving average is $5.30 and its 200-day simple moving average is $3.12. SoundHound AI, Inc. has a 12-month low of $1.49 and a 12-month high of $10.25. 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 (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. SoundHound AI’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.15) EPS. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SOUN. Wedbush increased their price target on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. HC Wainwright boosted their price target 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 price objective for the company in a research report on Thursday, April 11th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, LADENBURG THALM/SH SH started coverage on SoundHound AI in a research note on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Nitesh Sharan sold 23,212 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $194,284.44. Following the completion of the transaction, the chief financial officer now directly owns 751,017 shares in the company, valued at approximately $6,286,012.29. The disclosure for this sale can be found here. Insiders have sold a total of 410,714 shares of company stock valued at $2,598,723 over the last 90 days. 21.30% of the stock is owned by corporate insiders.

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.