NBC Securities Inc. Raises Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

NBC Securities Inc. grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 97.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,720 shares of the company’s stock after purchasing an additional 3,818 shares during the period. NBC Securities Inc.’s holdings in SoundHound AI were worth $35,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Kings Path Partners LLC purchased a new position in shares of SoundHound AI during the 2nd quarter worth approximately $28,000. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $29,000. International Assets Investment Management LLC purchased a new stake in SoundHound AI during the 2nd quarter worth approximately $31,000. HighPoint Advisor Group LLC acquired a new stake in SoundHound AI during the 4th quarter worth approximately $37,000. Finally, Amalgamated Bank grew its stake in shares of 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 acquiring an additional 5,099 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock worth $1,606,644 in the last quarter. 21.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SOUN. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities raised their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson restated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Up 5.2 %

Shares of NASDAQ:SOUN opened at $5.50 on Monday. The firm has a 50 day simple moving average of $4.88 and a 200-day simple moving average of $4.74. SoundHound AI, Inc. has a twelve month low of $1.49 and a twelve month high of $10.25. The company has a market capitalization of $1.81 billion, a PE ratio of -14.47 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the prior year, the company earned ($0.10) EPS. The business’s revenue was up 53.8% on a year-over-year basis. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

About SoundHound AI

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.