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Federated Hermes Inc. acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN – Free Report) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 10,859 shares of the company’s stock, valued at approximately $215,000.
A number of other large investors also recently modified their holdings of the company. Blue Trust Inc. grew its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted its stake in shares of SoundHound AI by 2,542.0% in the 4th 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 in the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at $40,000. Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI in the 4th quarter worth $40,000. Finally, Golden State Wealth Management LLC bought a new stake in SoundHound AI in the fourth quarter worth $42,000. 19.28% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, insider James Ming Hom sold 51,196 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the transaction, the insider now owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. This represents a 7.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at $17,782,793.28. This represents a 7.30 % decrease in their ownership of the stock. 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. Corporate insiders own 12.28% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently commented on the company. Northland Securities lifted their price objective 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 decreased 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. HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of “Hold” and an average target price of $12.43.
Check Out Our Latest Stock Analysis on SOUN
SoundHound AI Price Performance
SOUN opened at $7.84 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $3.13 billion, a PE ratio of -21.76 and a beta of 2.73. The stock’s 50 day moving average price is $9.41 and its 200-day moving average price is $10.87. SoundHound AI, Inc. has a 52-week low of $3.50 and a 52-week high of $24.98.
SoundHound AI (NASDAQ:SOUN – Get Free Report) last issued its quarterly earnings data 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 company had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current 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.
Further Reading
Want to see what other hedge funds are holding SOUN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SoundHound AI, Inc. (NASDAQ:SOUN – Free Report).
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