SoundHound AI, Inc. (NASDAQ:SOUN) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 9.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,193,599 shares of the company’s stock after purchasing an additional 602,311 shares during the period. Geode Capital Management LLC owned approximately 2.01% of SoundHound AI worth $33,529,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Harbour Investments Inc. raised its position in SoundHound AI by 5.1% in the second quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock worth $236,000 after acquiring an additional 2,923 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in SoundHound AI by 106.6% in the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock valued at $151,000 after acquiring an additional 19,780 shares during the last quarter. Signaturefd LLC boosted its position in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $31,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Down 0.9 %

Shares of SoundHound AI stock opened at $20.24 on Thursday. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.08. The company has a market cap of $7.48 billion, a P/E ratio of -56.22 and a beta of 3.03. 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 stock has a 50-day moving average price of $9.91 and a 200 day moving average price of $6.54.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The firm’s revenue was up 88.7% compared to the same quarter last year. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright upped their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Insider Buying and Selling at SoundHound AI

In related news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael Zagorsek sold 138,906 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $25,974,666.86. The trade was a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,258,242 shares of company stock valued at $34,752,649 in the last quarter. Company insiders own 12.28% of the company’s stock.

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.