Carnegie Investment Counsel Increases Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Key Points

• Carnegie Investment Counsel increased its stake in SoundHound AI, adding 87,810 shares to own a total of 1,069,860 shares, representing a value of $8.13 million.
• SoundHound AI's shares fell 2.1% to $11.71, with a market cap of $4.70 billion and a PE ratio of -21.29.
• Insider trading activity included significant share sales by Director Diana Sroka and CFO Nitesh Sharan, with a total of 961,289 shares sold in the last 90 days.

Carnegie Investment Counsel increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,069,860 shares of the company's stock after purchasing an additional 87,810 shares during the quarter. Carnegie Investment Counsel owned about 0.27% of SoundHound AI worth $8,131,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after acquiring an additional 315,897 shares during the period. Northern Trust Corp grew its stake 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 buying an additional 264,382 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of SoundHound AI in the 4th quarter worth approximately $41,595,000. Finally, Invesco Ltd. grew its stake in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after buying an additional 1,289,360 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Analyst Ratings Changes

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

SoundHound AI Stock Performance

NASDAQ SOUN traded down $0.46 during trading on Monday, hitting $11.26. The stock had a trading volume of 12,802,514 shares, compared to its average volume of 39,714,344. The stock has a market capitalization of $4.52 billion, a price-to-earnings ratio of -20.61 and a beta of 2.59. SoundHound AI, Inc. has a one year low of $3.94 and a one year high of $24.98. The stock has a 50 day simple moving average of $10.59 and a 200 day simple moving average of $10.69.

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

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 79,530 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 $744,400.80. Following the transaction, the insider directly owned 637,560 shares of the company's stock, valued at $5,967,561.60. This trade represents a 11.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Nitesh Sharan sold 111,111 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 $1,039,998.96. Following the completion of the transaction, the chief financial officer directly owned 1,442,900 shares in the company, valued at $13,505,544. This represents a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 961,289 shares of company stock valued at $9,247,847 over the last quarter. 9.17% of the stock is owned by insiders.

About SoundHound AI

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.