SoundHound AI, Inc. (NASDAQ:SOUN) Shares Purchased by Carnegie Investment Counsel

Carnegie Investment Counsel boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 9.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 982,050 shares of the company's stock after purchasing an additional 82,300 shares during the period. Carnegie Investment Counsel owned approximately 0.27% of SoundHound AI worth $19,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Geode Capital Management LLC boosted its holdings in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after acquiring an additional 602,311 shares during the period. Oriental Harbor Investment Fund purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $8,964,000. Shellback Capital LP purchased a new stake in shares of SoundHound AI during the second quarter valued at $1,196,000. Squarepoint Ops LLC grew its holdings in shares of SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company's stock worth $913,000 after purchasing an additional 205,985 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in 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 worth $12,033,000 after buying an additional 189,109 shares during the period. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Down 2.4 %

NASDAQ SOUN traded down $0.33 during midday trading on Friday, hitting $13.64. 64,572,802 shares of the company traded hands, compared to its average volume of 68,889,977. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $24.98. The company's 50-day simple moving average is $13.90 and its 200-day simple moving average is $8.05. The company has a market cap of $5.04 billion, a PE ratio of -37.89 and a beta of 2.63. 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 - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm's revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.09) earnings per share. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $698,462.10. Following the completion of the sale, the chief technology officer now owns 796,581 shares in the company, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the sale, 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 have sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last 90 days. Insiders own 12.28% of the company's stock.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of research analyst reports. HC Wainwright restated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. DA Davidson restated a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Barclays reiterated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.36.

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.