Stonehearth Capital Management LLC Buys Shares of 15,273 SoundHound AI, Inc. (NASDAQ:SOUN)

Stonehearth Capital Management LLC purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 15,273 shares of the company’s stock, valued at approximately $303,000.

A number of other institutional investors and hedge funds have also made changes to their positions in SOUN. State Street Corp boosted its holdings in 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 lifted its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Carnegie Investment Counsel purchased a new position in SoundHound AI in the 3rd quarter valued at approximately $4,193,000. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Trading Down 11.4 %

NASDAQ SOUN traded down $2.27 during mid-day trading on Tuesday, reaching $17.62. 52,230,826 shares of the stock were exchanged, compared to its average volume of 67,127,773. The business’s fifty day simple moving average is $12.48 and its 200 day simple moving average is $7.52. 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 $6.51 billion, a PE ratio of -48.94 and a beta of 2.63. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. On average, research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the business’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 directly owns 108,117 shares of the company’s stock, valued at $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last three months. Company insiders own 12.28% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright boosted their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. Wedbush raised their target price 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. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI 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.