SoundHound AI, Inc. (NASDAQ:SOUN) Shares Purchased by Harbour Investments Inc.

Harbour Investments Inc. boosted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 19.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,762 shares of the company’s stock after purchasing an additional 12,228 shares during the quarter. Harbour Investments Inc.’s holdings in SoundHound AI were worth $1,483,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp increased 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. Geode Capital Management LLC increased its stake in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake 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 worth $54,078,000 after acquiring an additional 143,487 shares during the last quarter. Carnegie Investment Counsel increased its stake in SoundHound AI by 9.1% during the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after acquiring an additional 82,300 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in SoundHound AI by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock worth $17,278,000 after acquiring an additional 23,962 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $9.57 on Wednesday. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98. The business has a 50-day moving average of $12.48 and a 200-day moving average of $10.33. 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 company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -26.58 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the transaction, the director now owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 121,194 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $2,460,238.20. Following the transaction, the chief executive officer now directly owns 2,177,954 shares in the company, valued at approximately $44,212,466.20. This represents a 5.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 524,676 shares of company stock valued at $10,638,694. Insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. 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. Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Finally, DA Davidson upped their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.86.

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.