Avestar Capital LLC’s Significant Purchase of SoundHound AI Stock and Financial Performance Insights
Avestar Capital LLC, a prominent investment firm, recently made a significant purchase of SoundHound AI, Inc. (NASDAQ: SOUN), stock during the first quarter of this year. The firm acquired 23,500 shares of the stock, amounting to an estimated value of around $65,000.
SoundHound AI reported an earnings per share of ($0.12) for the same quarter, which aligns with the consensus estimates provided by analysts. This indicates that the company’s financial performance was in line with expectations.
Despite the reported loss, SoundHound AI managed to achieve a commendable revenue of $6.71 million for the quarter. This surpassed the consensus estimate of $6.54 million, indicating positive growth for the company.
One of SoundHound AI’s notable products is Houndify, which serves as a comprehensive suite of tools for building conversational voice assistants. Houndify offers various features, including automatic speech recognition, natural language understanding, wake words, custom domains, text-to-speech capabilities, and embedded voice solutions. These features contribute to the overall effectiveness and functionality of Houndify.
Equities research analysts have projected that SoundHound AI will post an earnings per share of -0.39 for the current fiscal year. This projection provides insight into the company’s expected financial performance in the near future.
In other related news, Director Laura Lee Stewart recently sold 1,000 shares of Sound Financial stock. The transaction was disclosed in a SEC Form 4 filed on July 5, 2023. The shares were sold at an average price of $35.09 per share, indicating Stewart’s decision to divest from the company at that particular time.
About SoundHound AI
SoundHound AI (Nasdaq: SOUN), a global leader in conversational intelligence, offers voice AI solutions that let businesses offer incredible conversational experiences to their customers. Built on proprietary technology, SoundHound’s voice AI delivers best-in-class speed and accuracy in numerous languages to product creators across automotive, TV, and IoT, and to customer service industries via groundbreaking AI-driven products like Smart Answering, Smart Ordering, and Dynamic Interaction™, a real-time, multimodal customer service interface. Along with SoundHound Chat AI, a powerful voice assistant with integrated Generative AI, SoundHound powers millions of products and services, and processes billions of interactions each year for world class businesses.
