Algert Global LLC Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Algert Global LLC purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 118,530 shares of the company's stock, valued at approximately $2,352,000.

A number of other large investors have also recently modified their holdings of SOUN. Aptus Capital Advisors LLC purchased a new position in SoundHound AI in the 4th quarter worth approximately $450,000. Mercer Global Advisors Inc. ADV raised its position in SoundHound AI by 101.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 20,710 shares of the company's stock valued at $411,000 after purchasing an additional 10,424 shares in the last quarter. GG Group Ventures LLC lifted its stake in SoundHound AI by 146.4% during the fourth quarter. GG Group Ventures LLC now owns 53,762 shares of the company's stock worth $1,067,000 after purchasing an additional 31,946 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of SoundHound AI by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock worth $57,660,000 after purchasing an additional 264,382 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of SoundHound AI by 16.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 176,301 shares of the company's stock valued at $3,498,000 after purchasing an additional 24,475 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares of the company's stock, valued at $6,827,554.80. The trade was a 3.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 3,333 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $33,596.64. Following the completion of the transaction, the chief technology officer now directly owns 765,534 shares in the company, valued at $7,716,582.72. The trade was a 0.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by insiders.

SoundHound AI Trading Up 23.4%

NASDAQ:SOUN traded up $2.10 during mid-day trading on Monday, reaching $11.08. 36,429,121 shares of the company's stock traded hands, compared to its average volume of 37,522,340. The company has a 50 day moving average price of $8.88 and a 200-day moving average price of $11.38. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of -31.03 and a beta of 2.71. 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 12-month low of $3.82 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $34.54 million for 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, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday. HC Wainwright cut their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday. Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $10.29.

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.