Ameriprise Financial Inc. Acquires 40,763 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Ameriprise Financial Inc. increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 42.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund 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 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC bought a new stake in SoundHound AI during the fourth quarter valued at about $411,000. Mutual Advisors LLC bought a new stake in SoundHound AI during the 4th quarter valued at approximately $320,000. Avior Wealth Management LLC bought a new stake in SoundHound AI during the 4th quarter valued at approximately $64,000. Kingswood Wealth Advisors LLC acquired a new stake in SoundHound AI in the 4th quarter valued at approximately $317,000. Finally, KBC Group NV boosted its position in shares of SoundHound AI by 130.3% in the fourth quarter. KBC Group NV now owns 13,221 shares of the company's stock valued at $262,000 after acquiring an additional 7,480 shares during the period. Institutional investors own 19.28% of the company's stock.

Insider Buying and Selling

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. The trade was a 2.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 27,714 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the sale, the chief technology officer now directly owns 768,867 shares of the company's stock, valued at approximately $7,611,783.30. The trade was a 3.48% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 548,537 shares of company stock worth $5,567,760. Corporate insiders own 12.28% of the company's stock.

Analyst Upgrades and Downgrades

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

SoundHound AI Stock Performance

Shares of NASDAQ SOUN traded down $0.44 during mid-day trading on Thursday, reaching $10.53. 37,281,575 shares of the company were exchanged, compared to its average volume of 38,338,724. The stock has a market capitalization of $4.23 billion, a P/E ratio of -29.25 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. The company's 50-day simple moving average is $9.14 and its 200-day simple moving average is $11.73. SoundHound AI, Inc. has a twelve month low of $3.82 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business's revenue for the quarter was up 151.2% compared to the same quarter last year. During the same period last year, the business posted ($0.07) earnings per share. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current 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.