Corebridge Financial Inc. Reduces Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Corebridge Financial Inc. trimmed its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 1.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 153,364 shares of the company’s stock after selling 2,985 shares during the period. Corebridge Financial Inc.’s holdings in SoundHound AI were worth $3,043,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. boosted 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 worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC boosted its stake in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares during the period. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $40,000. Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the fourth quarter valued at about $40,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of SoundHound AI in the fourth quarter worth about $42,000. Institutional investors own 19.28% of the company’s stock.

Insider Activity

In other news, CTO Timothy Stonehocker sold 3,333 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $33,596.64. Following the completion of the sale, the chief technology officer now owns 765,534 shares of the company’s stock, valued at approximately $7,716,582.72. The trade was a 0.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Nitesh Sharan sold 48,639 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $481,526.10. Following the transaction, the chief financial officer now owns 1,454,011 shares in the company, valued at approximately $14,394,708.90. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 500,565 shares of company stock valued at $4,999,726. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Trading Down 4.5 %

Shares of SOUN stock opened at $8.12 on Tuesday. The business has a 50-day moving average price of $11.68 and a two-hundred day moving average price of $10.64. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98. 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 has a market cap of $3.24 billion, a P/E ratio of -22.56 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released 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 firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. DA Davidson increased their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, SoundHound AI presently has an average rating of “Hold” and an average target price of $12.86.

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.