Fmr LLC Increases Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Fmr LLC raised its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 112.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,038 shares of the company’s stock after acquiring an additional 25,989 shares during the quarter. Fmr LLC’s holdings in SoundHound AI were worth $229,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in SoundHound AI during the 3rd quarter valued at about $57,000. The Manufacturers Life Insurance Company raised its holdings in shares of SoundHound AI by 43.1% during the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock valued at $708,000 after acquiring an additional 45,750 shares in the last quarter. Independent Advisor Alliance lifted its stake in SoundHound AI by 85.3% in the third quarter. Independent Advisor Alliance now owns 36,663 shares of the company’s stock worth $171,000 after acquiring an additional 16,880 shares during the period. Meridian Wealth Management LLC purchased a new position in SoundHound AI during the 3rd quarter valued at $431,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the period. 19.28% of the stock is owned by institutional investors.

SoundHound AI Price Performance

Shares of SOUN opened at $21.75 on Friday. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.08. The company has a market capitalization of $8.04 billion, a P/E ratio of -60.42 and a beta of 3.03. The firm has a 50 day moving average of $9.01 and a 200 day moving average of $6.21. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Buying and Selling at SoundHound AI

In other news, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The trade was a 2.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,321,786 shares of company stock worth $35,065,286. Company insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SOUN shares. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright raised their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.50.

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.