66,000 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 66,000 shares of the company's stock, valued at approximately $1,309,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in shares of SoundHound AI during the 3rd quarter valued at approximately $305,000. Charles Schwab Investment Management Inc. boosted its stake in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Independent Advisor Alliance grew its holdings in SoundHound AI by 85.3% during the 3rd quarter. Independent Advisor Alliance now owns 36,663 shares of the company's stock worth $171,000 after acquiring an additional 16,880 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of SoundHound AI by 43.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company's stock worth $708,000 after purchasing an additional 45,750 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at about $57,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. HC Wainwright reissued a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities upped their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Wedbush boosted their price target 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. Finally, DA Davidson raised their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $12.86.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of the firm'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 transaction, the insider now directly owns 689,652 shares in the company, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 118,605 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 1,903,061 shares of the company's stock, valued at approximately $18,840,303.90. This trade represents a 5.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 over the last three months. Insiders own 12.28% of the company's stock.

SoundHound AI Price Performance

NASDAQ SOUN traded up $0.46 on Wednesday, reaching $8.66. The company's stock had a trading volume of 27,917,568 shares, compared to its average volume of 38,089,710. The firm's 50 day moving average is $11.36 and its two-hundred day moving average is $10.65. The stock has a market cap of $3.46 billion, a PE ratio of -24.06 and a beta of 2.62. 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 twelve month low of $3.50 and a twelve month high of $24.98.

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