Carnegie Investment Counsel Raises Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Carnegie Investment Counsel grew its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,069,860 shares of the company's stock after purchasing an additional 87,810 shares during the period. Carnegie Investment Counsel owned about 0.27% of SoundHound AI worth $8,131,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its position in SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after purchasing an additional 929 shares during the period. CreativeOne Wealth LLC boosted its position in SoundHound AI by 3.7% during the fourth quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company's stock worth $595,000 after purchasing an additional 1,073 shares during the period. Allworth Financial LP boosted its position in SoundHound AI by 11.6% during the first quarter. Allworth Financial LP now owns 11,062 shares of the company's stock worth $90,000 after purchasing an additional 1,153 shares during the period. Amalgamated Bank boosted its position in SoundHound AI by 13.7% during the first quarter. Amalgamated Bank now owns 11,162 shares of the company's stock worth $91,000 after purchasing an additional 1,343 shares during the period. Finally, Orion Capital Management LLC bought a new position in SoundHound AI during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Performance

SoundHound AI stock traded down $0.25 during mid-day trading on Friday, hitting $11.71. 37,646,611 shares of the company traded hands, compared to its average volume of 47,158,012. SoundHound AI, Inc. has a one year low of $3.94 and a one year high of $24.98. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -21.29 and a beta of 2.59. The stock has a fifty day moving average price of $10.59 and a 200-day moving average price of $10.75.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business's revenue was up 151.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) earnings per share. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, COO Michael Zagorsek sold 117,180 shares of SoundHound AI stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the transaction, the chief operating officer directly owned 1,346,455 shares of the company's stock, valued at approximately $12,602,818.80. This trade represents a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 254,376 shares of SoundHound AI stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the transaction, the chief executive officer directly owned 1,749,790 shares in the company, valued at approximately $16,378,034.40. The trade was a 12.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 961,289 shares of company stock valued at $9,247,847. Insiders own 9.17% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. HC Wainwright cut their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Piper Sandler restated a "neutral" rating and issued a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. Wedbush cut their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, DA Davidson cut their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has an average rating of "Hold" and an average target price of $10.50.

SoundHound AI 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.