Franklin Resources Inc. Purchases New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Franklin Resources Inc. acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 37,900 shares of the company’s stock, valued at approximately $177,000.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares during the last quarter. Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of SoundHound AI by 92.7% during 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 purchasing an additional 479,912 shares in the last quarter. Finally, Carnegie Investment Counsel bought a new stake in shares of SoundHound AI during the third quarter worth about $4,193,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SOUN shares. DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright upped their price target on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. LADENBURG THALM/SH SH 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, Wedbush lifted 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. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Trading Up 1.6 %

NASDAQ SOUN opened at $20.16 on Friday. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business has a 50 day simple moving average of $11.60 and a 200 day simple moving average of $7.15. The stock has a market capitalization of $7.45 billion, a P/E ratio of -56.00 and a beta of 3.03.

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

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the transaction, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. This trade represents a 4.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 in the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

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.