Geode Capital Management LLC Boosts Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Geode Capital Management LLC lifted its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 4.4% during the fourth quarter, HoldingsChannel reports. The firm owned 7,509,496 shares of the company’s stock after purchasing an additional 315,897 shares during the quarter. Geode Capital Management LLC’s holdings in SoundHound AI were worth $149,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the period. State Street Corp lifted its stake in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in SoundHound AI by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after purchasing an additional 143,487 shares during the period. LPL Financial LLC raised its stake in shares of SoundHound AI by 19.1% in the fourth quarter. LPL Financial LLC now owns 1,252,972 shares of the company’s stock valued at $24,859,000 after buying an additional 200,763 shares during the period. Finally, Carnegie Investment Counsel lifted its position in shares of SoundHound AI by 9.1% during the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock valued at $19,484,000 after buying an additional 82,300 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares of the company’s stock, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 118,605 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the transaction, the chief executive officer now owns 1,903,061 shares of the company’s stock, valued at $18,840,303.90. This trade represents a 5.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by corporate insiders.

SoundHound AI Stock Up 3.8 %

Shares of NASDAQ:SOUN opened at $7.60 on Tuesday. The firm has a fifty day moving average price of $10.90 and a two-hundred day moving average price of $10.75. The company has a market cap of $3.03 billion, a price-to-earnings ratio of -21.11 and a beta of 2.73. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of research reports. Northland Securities boosted their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson boosted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI 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.