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

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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Commons Capital LLC boosted its position in shares of SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock valued at $543,000 after buying an additional 723 shares during the last quarter. ST Germain D J Co. Inc. boosted its holdings in SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after acquiring an additional 750 shares during the last quarter. Keynote Financial Services LLC grew its stake in shares of SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock worth $329,000 after acquiring an additional 752 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV lifted its position in shares of SoundHound AI by 13.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company’s stock valued at $165,000 after purchasing an additional 1,000 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider James Ming Hom sold 28,388 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 28,392 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,080.80. Following the completion of the transaction, the vice president now owns 669,834 shares of the company’s stock, valued at approximately $6,631,356.60. This represents a 4.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. Company insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Northland Securities boosted their price objective 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. DA Davidson raised their target price on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Down 4.3 %

Shares of NASDAQ SOUN opened at $8.50 on Friday. 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 capitalization of $3.39 billion, a PE ratio of -23.61 and a beta of 2.62. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The business’s fifty day moving average price is $11.79 and its 200-day moving average price is $10.57.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. On average, equities research analysts anticipate 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.