CIBC Private Wealth Group LLC Invests $127,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

CIBC Private Wealth Group LLC bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, Holdings Channel reports. The fund bought 6,424 shares of the company’s stock, valued at approximately $127,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SOUN. Blue Trust Inc. lifted its stake in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its holdings in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares during the period. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI during the fourth quarter valued at approximately $40,000. Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI during the fourth quarter worth approximately $40,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of SoundHound AI in the fourth quarter worth $42,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $7.60 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The business has a 50 day moving average price of $10.90 and a two-hundred day moving average price of $10.75. The firm has a market cap of $3.03 billion, a PE ratio of -21.11 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last released its quarterly 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). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 27,714 shares of SoundHound AI 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 $274,368.60. Following the completion of the transaction, the chief technology officer now owns 768,867 shares in the company, valued at approximately $7,611,783.30. This trade represents a 3.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Ming Hom sold 28,388 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value 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. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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