Charles Schwab Investment Management Inc. Buys 189,109 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Charles Schwab Investment Management Inc. increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 7.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,582,206 shares of the company’s stock after purchasing an additional 189,109 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.72% of SoundHound AI worth $12,033,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in shares of SoundHound AI by 124.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,112 shares of the company’s stock valued at $431,000 after purchasing an additional 40,495 shares during the period. Cetera Advisors LLC bought a new stake in SoundHound AI during the first quarter valued at approximately $327,000. SG Americas Securities LLC grew its position in SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after buying an additional 195,011 shares during the period. Sequoia Financial Advisors LLC raised its position in SoundHound AI by 13.7% in the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after acquiring an additional 2,500 shares during the period. Finally, Kessler Investment Group LLC boosted its stake in shares of SoundHound AI by 42.5% during the 2nd quarter. Kessler Investment Group LLC now owns 33,812 shares of the company’s stock worth $134,000 after acquiring an additional 10,079 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

Insider Activity

In related news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now owns 451,756 shares in the company, valued at $5,421,072. This trade represents a 9.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James Ming Hom sold 53,891 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $538,910.00. Following the transaction, the insider now directly owns 813,193 shares in the company, valued at approximately $8,131,930. This trade represents a 6.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 535,233 shares of company stock valued at $3,801,260. 12.28% of the stock is currently owned by insiders.

SoundHound AI Stock Up 12.6 %

Shares of NASDAQ:SOUN opened at $15.01 on Monday. The company has a market cap of $5.55 billion, a price-to-earnings ratio of -41.69 and a beta of 3.03. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $15.10. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $6.47 and a 200 day moving average price of $5.35.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SOUN shares. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright increased their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.64.

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.