US Bancorp DE Increases Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

US Bancorp DE lifted its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 42.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,173 shares of the company’s stock after acquiring an additional 13,467 shares during the quarter. US Bancorp DE’s holdings in SoundHound AI were worth $896,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Creative Planning bought a new position in SoundHound AI in the third quarter valued at about $91,000. Farther Finance Advisors LLC increased its position in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in shares of SoundHound AI by 16.8% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 49,518 shares of the company’s stock worth $231,000 after purchasing an additional 7,124 shares during the period. Objective Capital Management LLC purchased a new position in shares of SoundHound AI in the third quarter worth approximately $93,000. Finally, Sigma Planning Corp grew its position in SoundHound AI by 79.7% during the third quarter. Sigma Planning Corp now owns 21,640 shares of the company’s stock valued at $101,000 after buying an additional 9,600 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Up 2.0 %

NASDAQ:SOUN opened at $9.74 on Monday. 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 stock has a market capitalization of $3.83 billion, a P/E ratio of -27.06 and a beta of 2.62. The company’s 50-day simple moving average is $14.00 and its 200-day simple moving average is $10.12. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on SOUN. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Wedbush upped their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Barclays 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, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI has an average rating of “Hold” and a consensus price target of $12.86.

Insider Activity

In related news, Director Lawrence Marcus sold 25,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 128,117 shares in the company, valued at approximately $1,793,638. The trade was a 16.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Ming Hom sold 58,382 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $18.35, for a total value of $1,071,309.70. Following the transaction, the insider now directly owns 754,811 shares of the company’s stock, valued at approximately $13,850,781.85. This represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,024,777 shares of company stock worth $20,412,443 over the last 90 days. 12.28% of the stock is currently owned by company insiders.

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.