Mitchell Capital Management Co. Purchases Shares of 117,409 SoundHound AI, Inc. (NASDAQ:SOUN)

Mitchell Capital Management Co. purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 117,409 shares of the company's stock, valued at approximately $2,329,000.

Other hedge funds have also bought and sold shares of the company. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in SoundHound AI by 7.9% in 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 buying an additional 189,109 shares during the period. Carnegie Investment Counsel raised its position in shares of SoundHound AI by 9.1% in the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock valued at $19,484,000 after buying an additional 82,300 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 2.8% during the 4th quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company's stock worth $17,278,000 after acquiring an additional 23,962 shares during the period. 19.28% of the stock is owned by institutional investors.

Insider Activity

In other SoundHound AI news, Director Lawrence Marcus sold 20,000 shares of the company's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now owns 108,117 shares of the company's stock, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the transaction, the director now directly owns 451,756 shares of the company's stock, valued at approximately $5,421,072. This trade represents a 9.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,574,960 shares of company stock valued at $43,545,727. Company insiders own 12.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. DA Davidson raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Barclays reaffirmed a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $12.86.

SoundHound AI Trading Up 4.4 %

NASDAQ SOUN traded up $0.43 during trading hours on Wednesday, reaching $10.15. The company's stock had a trading volume of 29,027,128 shares, compared to its average volume of 42,673,845. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market cap of $3.99 billion, a P/E ratio of -28.19 and a beta of 2.56. The firm has a fifty day simple moving average of $14.78 and a 200-day simple moving average of $10.02.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for 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%. Equities analysts forecast 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.