Bank of New York Mellon Corp Purchases 23,962 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Bank of New York Mellon Corp lifted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 2.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 870,843 shares of the company’s stock after buying an additional 23,962 shares during the period. Bank of New York Mellon Corp owned about 0.24% of SoundHound AI worth $17,278,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC increased its holdings in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in SoundHound AI during the 4th quarter worth about $40,000. Compagnie Lombard Odier SCmA bought a new position in SoundHound AI during the 4th quarter worth about $40,000. Finally, Golden State Wealth Management LLC bought a new position in SoundHound AI during the 4th quarter worth about $42,000. Institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SOUN. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Wedbush increased 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. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Trading Down 0.4 %

Shares of NASDAQ:SOUN opened at $8.54 on Wednesday. SoundHound AI, Inc. has a 52-week low of $3.50 and a 52-week high of $24.98. The company has a market capitalization of $3.36 billion, a P/E ratio of -23.72 and a beta of 2.62. The company has a 50-day simple moving average of $13.49 and a 200 day simple moving average of $10.17. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued 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). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 138,906 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $17.63, for a total value of $2,448,912.78. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $25,974,666.86. This represents a 8.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence Marcus sold 25,000 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now directly owns 128,117 shares in the company, valued at approximately $1,793,638. This represents a 16.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,024,777 shares of company stock worth $20,412,443. 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.