Wellington Management Group LLP bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 392,613 shares of the company's stock, valued at approximately $7,789,000. Wellington Management Group LLP owned approximately 0.10% of SoundHound AI as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in shares of SoundHound AI by 43.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company's stock valued at $708,000 after buying an additional 45,750 shares during the last quarter. FMR LLC boosted its position in SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company's stock valued at $229,000 after purchasing an additional 25,989 shares during the period. Captrust Financial Advisors grew its stake in SoundHound AI by 73.4% during the 3rd quarter. Captrust Financial Advisors now owns 69,887 shares of the company's stock worth $326,000 after buying an additional 29,578 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock valued at $80,000 after buying an additional 1,975 shares during the last quarter. Finally, Stifel Financial Corp boosted its holdings in shares of SoundHound AI by 122.4% during the third quarter. Stifel Financial Corp now owns 148,970 shares of the company's stock valued at $694,000 after acquiring an additional 81,990 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.
SoundHound AI Stock Up 2.7 %
Shares of SOUN stock traded up $0.23 during trading on Monday, hitting $8.51. 3,790,253 shares of the company were exchanged, compared to its average volume of 37,939,578. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of -23.61 and a beta of 2.73. 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 business's 50-day simple moving average is $10.14 and its 200 day simple moving average is $10.84. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its 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 during the quarter, compared to analysts' expectations of $33.70 million. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Activity at SoundHound AI
In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the transaction, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. This represents a 5.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Nitesh Sharan sold 48,639 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $481,526.10. Following the completion of the sale, the chief financial officer now directly owns 1,454,011 shares of the company's stock, valued at $14,394,708.90. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on SOUN shares. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday, December 16th. DA Davidson lifted 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. Finally, HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $12.86.
Read Our Latest Stock Report on SOUN
About SoundHound AI
(
Free Report)
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.
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