Geode Capital Management LLC Increases Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Geode Capital Management LLC grew its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 4.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,509,496 shares of the company's stock after buying an additional 315,897 shares during the period. Geode Capital Management LLC owned 1.91% of SoundHound AI worth $149,024,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SOUN. HighPoint Advisor Group LLC grew its position in SoundHound AI by 29.3% in the fourth quarter. HighPoint Advisor Group LLC now owns 76,872 shares of the company's stock worth $1,525,000 after acquiring an additional 17,420 shares during the period. Franklin Resources Inc. lifted its stake in shares of SoundHound AI by 6.0% in the 4th quarter. Franklin Resources Inc. now owns 40,191 shares of the company's stock valued at $797,000 after purchasing an additional 2,291 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of SoundHound AI by 6.8% during the 4th quarter. Alliancebernstein L.P. now owns 317,125 shares of the company's stock worth $6,292,000 after purchasing an additional 20,155 shares during the period. Wellington Management Group LLP purchased a new position in shares of SoundHound AI during the 4th quarter worth $7,789,000. Finally, O Shaughnessy Asset Management LLC acquired a new stake in shares of SoundHound AI during the 4th quarter worth about $213,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. DA Davidson increased their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. HC Wainwright restated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $12.86.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the transaction, the chief executive officer now owns 1,764,166 shares of the company's stock, valued at approximately $17,782,793.28. This trade represents a 7.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the business'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 $6,827,554.80. The trade was a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock worth $4,999,726 over the last 90 days. 12.28% of the stock is owned by insiders.

SoundHound AI Stock Up 1.0 %

Shares of SoundHound AI stock traded up $0.08 during trading hours on Friday, reaching $8.28. 12,621,920 shares of the company were exchanged, compared to its average volume of 37,993,651. The firm has a market cap of $3.30 billion, a PE ratio of -23.00 and a beta of 2.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98. The stock's fifty day moving average is $10.14 and its 200 day moving average is $10.80.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

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.