Carnegie Investment Counsel Raises Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Carnegie Investment Counsel boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 9.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 982,050 shares of the company’s stock after acquiring an additional 82,300 shares during the quarter. Carnegie Investment Counsel owned 0.27% of SoundHound AI worth $19,484,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SOUN. ST Germain D J Co. Inc. increased its position in shares of SoundHound AI by 33.2% in the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after acquiring an additional 750 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after purchasing an additional 1,887 shares during the period. Integrated Wealth Concepts LLC boosted its position in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after purchasing an additional 1,975 shares during the period. Signaturefd LLC increased its holdings in SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in SoundHound AI in the fourth quarter valued at about $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Up 0.6 %

SOUN stock opened at $13.97 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $13.76 and a 200-day simple moving average of $8.01. The company has a market capitalization of $5.17 billion, a P/E ratio of -38.81 and a beta of 2.63. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same period last year, the business earned ($0.09) EPS. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the transaction, the director now owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % 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, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last three months. 12.28% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SOUN shares. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Northland Securities upped their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

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.