LPL Financial LLC raised its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 7.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,346,805 shares of the company's stock after buying an additional 93,833 shares during the quarter. LPL Financial LLC owned about 0.34% of SoundHound AI worth $10,936,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ lifted its position in SoundHound AI by 16.8% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 23,948 shares of the company's stock valued at $194,000 after purchasing an additional 3,440 shares during the last quarter. Carnegie Investment Counsel grew its stake in shares of SoundHound AI by 8.9% in the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock worth $8,131,000 after acquiring an additional 87,810 shares during the last quarter. Wedbush Securities Inc. boosted its position in shares of SoundHound AI by 21.0% during the first quarter. Wedbush Securities Inc. now owns 130,399 shares of the company's stock valued at $1,059,000 after buying an additional 22,671 shares during the last quarter. Readystate Asset Management LP purchased a new stake in shares of SoundHound AI during the first quarter valued at $117,000. Finally, PFG Advisors bought a new position in SoundHound AI in the first quarter valued at about $106,000. Hedge funds and other institutional investors own 19.28% of the company's stock.
SoundHound AI Trading Up 26.4%
Shares of SOUN stock opened at $13.55 on Friday. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of -21.51 and a beta of 2.57. SoundHound AI, Inc. has a twelve month low of $4.32 and a twelve month high of $24.98. The stock has a fifty day simple moving average of $10.76 and a two-hundred day simple moving average of $10.54.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 77.38% and a negative net margin of 171.81%. The company had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. During the same period in the previous year, the firm posted ($0.11) earnings per share. The company's revenue was up 216.3% on a year-over-year basis. Research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Activity at SoundHound AI
In other SoundHound AI news, CEO Keyvan Mohajer sold 254,376 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 1,749,790 shares in the company, valued at approximately $16,378,034.40. The trade was a 12.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Zagorsek sold 117,180 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,096,804.80. Following the sale, the chief operating officer owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. The trade was a 8.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 961,289 shares of company stock worth $9,247,847 over the last ninety days. Corporate insiders own 9.17% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on SOUN. HC Wainwright decreased their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. 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 report on Monday, April 14th. Northland Securities upgraded SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price for the company in a report on Friday. Wedbush lifted their target price on SoundHound AI from $15.00 to $16.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Wall Street Zen cut SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.44.
View Our Latest Stock Analysis on SOUN
About SoundHound AI
(
Free Report)
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.
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