Kovack Advisors Inc. Acquires New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Kovack Advisors Inc. bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 15,410 shares of the company’s stock, valued at approximately $306,000.

A number of other institutional investors have also added to or reduced their stakes in SOUN. State Street Corp grew its position in 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 during the last quarter. Geode Capital Management LLC lifted its stake 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. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. Carnegie Investment Counsel increased its holdings in SoundHound AI by 9.1% in the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after acquiring an additional 82,300 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in SoundHound AI by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock worth $17,278,000 after acquiring an additional 23,962 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Activity

In other news, insider James Ming Hom sold 36,771 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $746,451.30. Following the completion of the transaction, the insider now directly owns 718,040 shares in the company, valued at approximately $14,576,212. This represents a 4.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 94,067 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following 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 disclosure for this sale can be found here. Insiders sold a total of 2,722,918 shares of company stock valued at $44,935,943 in the last 90 days. 12.28% of the stock is currently owned by insiders.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $10.84 on Friday. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company’s fifty day moving average is $15.19 and its two-hundred day moving average is $9.91. The firm has a market capitalization of $4.26 billion, a P/E ratio of -30.10 and a beta of 2.56.

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

Analyst Ratings Changes

SOUN has been the subject of a number of research reports. Northland Securities upped their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. DA Davidson upped their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently 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.