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

Harbour Investments Inc. grew its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 19.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,762 shares of the company’s stock after purchasing an additional 12,228 shares during the period. Harbour Investments Inc.’s holdings in SoundHound AI were worth $1,483,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SOUN. Victory Capital Management Inc. increased its holdings in shares of SoundHound AI by 230.9% in the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares during the period. Oppenheimer & Co. Inc. increased its holdings in shares of SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the period. Briaud Financial Planning Inc acquired a new position in shares of SoundHound AI in the third quarter valued at approximately $92,000. Intech Investment Management LLC acquired a new position in shares of SoundHound AI in the third quarter valued at approximately $305,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of 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 buying an additional 189,109 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities lifted their price target 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. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, DA Davidson lifted their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Hold” and an average price target of $12.86.

Insider Activity

In other news, insider James Ming Hom sold 36,771 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $746,451.30. Following the sale, the insider now directly owns 718,040 shares in the company, valued at $14,576,212. This represents a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,676 shares of company stock worth $10,638,694 over the last three months. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Stock Down 5.1 %

SOUN opened at $9.57 on Wednesday. The business’s fifty day moving average is $12.48 and its two-hundred day moving average is $10.33. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market cap of $3.76 billion, a price-to-earnings ratio of -26.58 and a beta of 2.62. 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 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). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. Analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.