Commons Capital LLC Grows Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Commons Capital LLC lifted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 2.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,349 shares of the company’s stock after buying an additional 723 shares during the period. Commons Capital LLC’s holdings in SoundHound AI were worth $543,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. State Street Corp lifted its position in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares during the period. Geode Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. boosted 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 buying an additional 189,109 shares during the last quarter. Carnegie Investment Counsel increased its holdings in SoundHound AI by 9.1% in the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after buying an additional 82,300 shares during the period. Finally, Oriental Harbor Investment Fund purchased a new position in SoundHound AI during the 4th quarter worth approximately $8,964,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Trading Up 21.1 %

Shares of NASDAQ:SOUN opened at $16.52 on Wednesday. The business’s 50 day moving average price is $14.32 and its 200-day moving average price is $8.33. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.98. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of -45.89 and a beta of 2.63. 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 (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating 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 business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the business earned ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now directly owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the sale, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 over the last quarter. 12.28% of the stock is currently owned by insiders.

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.