Meridian Wealth Management LLC Acquires New Shares in SoundHound AI, Inc. (NASDAQ:SOUN)

Meridian Wealth Management LLC acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 92,422 shares of the company’s stock, valued at approximately $431,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in SOUN. Kings Path Partners LLC bought a new stake in shares of SoundHound AI in the second quarter valued at about $28,000. International Assets Investment Management LLC bought a new position in SoundHound AI in the second quarter worth about $31,000. NBC Securities Inc. raised its holdings in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank raised its holdings in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SOUN shares. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.64.

Insider Buying and Selling

In other SoundHound AI news, COO Michael Zagorsek sold 42,001 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $204,964.88. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 277,275 shares of company stock worth $1,355,644. 12.28% of the stock is owned by company insiders.

SoundHound AI Price Performance

Shares of SOUN stock opened at $8.25 on Monday. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $10.25. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of -22.92 and a beta of 2.71. 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 stock’s 50-day simple moving average is $5.51 and its 200-day simple moving average is $5.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly 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 net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the company earned ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. As a group, equities analysts forecast 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.