SoundHound AI, Inc. (NASDAQ:SOUN) Position Increased by Ameriprise Financial Inc.

Ameriprise Financial Inc. boosted its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 42.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 136,735 shares of the company's stock after purchasing an additional 40,763 shares during the quarter. Ameriprise Financial Inc.'s holdings in SoundHound AI were worth $2,713,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Blue Trust Inc. grew its stake in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after buying an additional 830 shares during the period. Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI during the fourth quarter worth approximately $40,000. Golden State Wealth Management LLC acquired a new position in shares of SoundHound AI during the fourth quarter worth $42,000. BIT Capital GmbH acquired a new position in shares of SoundHound AI during the fourth quarter worth $43,000. Finally, Avior Wealth Management LLC acquired a new position in shares of SoundHound AI during the fourth quarter worth $64,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were 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 directly owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. This represents a 3.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 44,157 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total transaction of $529,884.00. Following the completion of the sale, the chief technology officer now directly owns 723,009 shares of the company's stock, valued at $8,676,108. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 548,537 shares of company stock worth $5,567,760 in the last 90 days. Corporate insiders own 12.28% of the company's stock.

SoundHound AI Stock Performance

SOUN stock traded down $0.43 during trading on Friday, hitting $10.10. 26,470,348 shares of the company's stock traded hands, compared to its average volume of 38,453,417. The stock has a fifty day moving average price of $9.14 and a two-hundred day moving average price of $11.84. The stock has a market capitalization of $4.06 billion, a price-to-earnings ratio of -28.06 and a beta of 2.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 52 week low of $3.82 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The firm had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI's revenue was up 151.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wedbush reduced their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. HC Wainwright reduced their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. DA Davidson decreased their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Piper Sandler began coverage on shares of SoundHound AI in a report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price objective for the company. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

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.