Moors & Cabot Inc. Purchases 1,791 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Moors & Cabot Inc. grew its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 14.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,572 shares of the company’s stock after buying an additional 1,791 shares during the period. Moors & Cabot Inc.’s holdings in SoundHound AI were worth $289,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SOUN. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares in the last quarter. Carnegie Investment Counsel grew its holdings in shares of SoundHound AI by 9.1% during the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after purchasing an additional 82,300 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of SoundHound AI by 2.8% during the 4th quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock worth $17,278,000 after purchasing an additional 23,962 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

Insider Activity

In other news, insider James Ming Hom sold 36,771 shares of SoundHound AI stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $746,451.30. Following the sale, the insider now directly owns 718,040 shares of the company’s stock, valued at approximately $14,576,212. This trade represents a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the transaction, the vice president now owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 802,489 shares of company stock valued at $16,542,220. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $10.34 on Monday. The business’s 50-day moving average price is $12.85 and its 200-day moving average price is $10.26. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -28.72 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analyst Weigh In

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