Oppenheimer & Co. Inc. Boosts Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Oppenheimer & Co. Inc. increased its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 11.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 19,000 shares of the company’s stock after purchasing an additional 1,887 shares during the period. Oppenheimer & Co. Inc.’s holdings in SoundHound AI were worth $89,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Kings Path Partners LLC acquired a new stake in SoundHound AI during the 2nd quarter worth approximately $28,000. International Assets Investment Management LLC acquired a new stake in SoundHound AI during the 2nd quarter worth approximately $31,000. NBC Securities Inc. lifted its holdings in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank lifted its holdings in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after buying an additional 2,200 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Buying and Selling

In other SoundHound AI news, COO Michael Zagorsek sold 42,001 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $7,189,811.36. This trade represents a 2.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. The trade was a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 277,275 shares of company stock worth $1,355,644 in the last ninety days. 12.28% of the stock is owned by corporate insiders.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $8.25 on Friday. The company’s fifty day moving average price is $5.51 and its 200 day moving average price is $5.03. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $10.25. 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 firm has a market capitalization of $3.05 billion, a P/E ratio of -22.92 and a beta of 2.71.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SOUN shares. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright raised their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Northland Securities raised their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

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.