Sanctuary Advisors LLC Grows Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Sanctuary Advisors LLC grew its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 13.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,976 shares of the company’s stock after purchasing an additional 3,642 shares during the period. Sanctuary Advisors LLC’s holdings in SoundHound AI were worth $140,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SOUN. Carnegie Investment Counsel acquired a new position in SoundHound AI during the 3rd quarter valued at approximately $4,193,000. Geode Capital Management LLC grew its holdings in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the period. Shellback Capital LP purchased a new position in SoundHound AI in the 2nd quarter worth $1,196,000. Finally, Squarepoint Ops LLC lifted its position in SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after acquiring an additional 205,985 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Activity

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last three months. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Stock Performance

Shares of NASDAQ SOUN opened at $22.68 on Tuesday. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.98. 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 company’s fifty day moving average price is $10.66 and its 200 day moving average price is $6.83. The company has a market capitalization of $8.39 billion, a PE ratio of -63.00 and a beta of 3.03.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SOUN. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, HC Wainwright upped their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Company 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.