Hsbc Holdings PLC Sells 154,564 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Hsbc Holdings PLC cut its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 80.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,893 shares of the company's stock after selling 154,564 shares during the quarter. Hsbc Holdings PLC's holdings in SoundHound AI were worth $752,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SOUN. Blue Trust Inc. lifted its stake in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares during the period. Sound Income Strategies LLC increased its holdings in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after purchasing an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the fourth quarter valued at about $40,000. Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the 4th quarter valued at $40,000. Finally, Golden State Wealth Management LLC acquired a new position in SoundHound AI during the fourth quarter worth $42,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on SOUN. DA Davidson dropped their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $12.43.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the transaction, the chief executive officer now owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. The trade was a 5.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 28,388 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the sale, the insider now owns 689,652 shares of the company's stock, valued at $6,827,554.80. This represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is owned by insiders.

SoundHound AI Trading Down 0.5 %

Shares of NASDAQ:SOUN traded down $0.05 on Tuesday, hitting $9.14. The company had a trading volume of 17,224,661 shares, compared to its average volume of 37,792,094. SoundHound AI, Inc. has a 1 year low of $3.82 and a 1 year high of $24.98. 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 firm's 50-day simple moving average is $8.95 and its two-hundred day simple moving average is $11.27. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of -25.39 and a beta of 2.71.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal 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.