City State Bank Reduces Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

City State Bank cut its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 88.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,468 shares of the company’s stock after selling 10,957 shares during the quarter. City State Bank’s holdings in SoundHound AI were worth $29,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SOUN. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at about $4,193,000. Geode Capital Management LLC boosted its position in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the period. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI in the 4th quarter valued at about $8,964,000. Shellback Capital LP acquired a new stake in shares of SoundHound AI in the 2nd quarter valued at about $1,196,000. Finally, Squarepoint Ops LLC boosted its position in shares of SoundHound AI by 818.0% in the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after purchasing an additional 205,985 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $12.82 on Tuesday. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $24.98. The company has a market capitalization of $4.74 billion, a P/E ratio of -35.61 and a beta of 2.63. The business has a 50 day moving average price of $13.44 and a 200 day moving average price of $7.90. 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 data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the business posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price objective 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, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.07.

Insider Activity at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 in the last ninety days. Corporate insiders own 12.28% of the company’s stock.

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.