Cyndeo Wealth Partners LLC Buys Shares of 10,000 SoundHound AI, Inc. (NASDAQ:SOUN)

Cyndeo Wealth Partners LLC purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, HoldingsChannel reports. The fund purchased 10,000 shares of the company’s stock, valued at approximately $198,000.

Several other hedge funds have also recently bought and sold shares of the company. Amalgamated Bank increased its holdings in 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 acquiring an additional 5,099 shares in the last quarter. Hsbc Holdings PLC increased its stake in shares of SoundHound AI by 928.9% during the 2nd quarter. Hsbc Holdings PLC now owns 155,975 shares of the company’s stock worth $613,000 after purchasing an additional 140,815 shares in the last quarter. Sei Investments Co. acquired a new position in shares of SoundHound AI during the 2nd quarter worth approximately $43,000. Xponance Inc. purchased a new stake in SoundHound AI in the 2nd quarter valued at approximately $71,000. Finally, Squarepoint Ops LLC grew its holdings in SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after buying an additional 205,985 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. DA Davidson restated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Finally, Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $15.84 on Monday. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of -44.00 and a beta of 2.63. The company has a 50 day moving average price of $14.91 and a 200 day moving average price of $8.58. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.98. 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 for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period last year, the company posted ($0.09) EPS. The business’s quarterly revenue was up 88.7% on a year-over-year basis. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 34,407 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $698,462.10. Following the sale, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. This trade represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is currently owned by company 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.