NBC Securities Inc. Acquires 7,674 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

NBC Securities Inc. boosted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 127,900.0% in the 1st quarter, HoldingsChannel reports. The firm owned 7,680 shares of the company’s stock after buying an additional 7,674 shares during the period. NBC Securities Inc.’s holdings in SoundHound AI were worth $62,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Mitchell Capital Management Co. bought a new position in SoundHound AI during the 4th quarter valued at about $2,329,000. Deutsche Bank AG raised its stake in shares of SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company’s stock worth $5,249,000 after acquiring an additional 103,450 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after acquiring an additional 143,487 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of SoundHound AI in the fourth quarter worth about $41,595,000. Finally, Bulltick Wealth Management LLC bought a new position in shares of SoundHound AI in the fourth quarter worth about $2,611,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $9.74 on Thursday. SoundHound AI, Inc. has a one year low of $3.82 and a one year high of $24.98. The company has a market cap of $3.91 billion, a P/E ratio of -27.06 and a beta of 2.64. The firm’s fifty day moving average price is $9.38 and its two-hundred day moving average price is $11.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. During the same period in the prior year, the company posted ($0.07) earnings per share. SoundHound AI’s revenue was up 151.2% compared to the same quarter last year. Equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider James Ming Hom sold 3,815 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $10.00, for a total value of $38,150.00. Following the completion of the transaction, the insider now owns 637,090 shares of the company’s stock, valued at approximately $6,370,900. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 3,333 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $33,596.64. Following the completion of the transaction, the chief technology officer now owns 765,534 shares of the company’s stock, valued at approximately $7,716,582.72. This trade represents a 0.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 548,537 shares of company stock worth $5,567,760 over the last ninety days. Corporate insiders own 9.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright dropped their target price on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, May 12th. DA Davidson lowered their price target on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Wedbush lowered their price target on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Finally, Piper Sandler began coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They set an “overweight” rating and a $12.00 price target for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $10.50.

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.