Briaud Financial Planning Inc Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Briaud Financial Planning Inc acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the third quarter, Holdings Channel.com reports. The firm acquired 19,880 shares of the company’s stock, valued at approximately $92,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the period. Baupost Group LLC MA acquired a new position in SoundHound AI during the 1st quarter worth approximately $6,659,000. Bank of New York Mellon Corp grew its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Carnegie Investment Counsel purchased a new stake in shares of SoundHound AI during the 3rd quarter worth approximately $4,193,000. Finally, Janus Henderson Group PLC lifted its position in shares of SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

Insider Transactions at SoundHound AI

In related news, COO Michael Zagorsek sold 42,001 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $7,189,811.36. This represents a 2.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The trade was a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 277,275 shares of company stock valued at $1,355,644 in the last ninety days. 12.28% of the stock is currently owned by company insiders.

SoundHound AI Stock Performance

Shares of SOUN opened at $6.51 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $10.25. The stock has a market capitalization of $2.34 billion, a P/E ratio of -18.08 and a beta of 2.71. The company’s fifty day moving average is $5.37 and its two-hundred day moving average is $4.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the prior year, the company posted ($0.09) EPS. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.37 earnings per share 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.