Patriot Financial Group Insurance Agency LLC Acquires New Shares in SoundHound AI, Inc. (NASDAQ:SOUN)

Patriot Financial Group Insurance Agency LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 29,953 shares of the company's stock, valued at approximately $594,000.

Several other hedge funds have also recently bought and sold shares of SOUN. State Street Corp increased its holdings in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after buying an additional 42,869 shares in the last quarter. Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after purchasing 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 worth $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Carnegie Investment Counsel raised its position in SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock valued at $19,484,000 after purchasing an additional 82,300 shares during the last quarter. Finally, Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI during the fourth quarter valued at about $8,964,000. 19.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. The trade was a 11.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the transaction, the director now owns 110,907 shares of the company's stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of research reports. Barclays reiterated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities raised their target price 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. HC Wainwright restated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. Finally, Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.36.

SoundHound AI Stock Up 1.1 %

SOUN stock traded up $0.15 during midday trading on Friday, reaching $14.15. 41,292,732 shares of the company's stock traded hands, compared to its average volume of 57,983,104. 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 fifty day moving average price is $15.63 and its 200-day moving average price is $8.85. The company has a market cap of $5.23 billion, a price-to-earnings ratio of -39.31 and a beta of 2.63. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analysts' expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm's revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) EPS. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

About SoundHound AI

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.