Cibc World Markets Corp Invests $573,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

Cibc World Markets Corp purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 28,869 shares of the company's stock, valued at approximately $573,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Geode Capital Management LLC raised its stake in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI during the fourth quarter worth about $8,964,000. Raymond James Financial Inc. bought a new stake in SoundHound AI in the fourth quarter worth about $6,830,000. UNICOM Systems Inc. purchased a new position in SoundHound AI in the fourth quarter valued at about $4,662,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SoundHound AI by 7.9% during 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 acquiring an additional 189,109 shares during the period. Hedge funds and other institutional investors own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SOUN shares. HC Wainwright reiterated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Finally, Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.86.

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Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. This trade represents a 7.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the transaction, the insider now owns 689,652 shares in the company, valued at approximately $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 500,565 shares of company stock valued at $4,999,726. Company insiders own 12.28% of the company's stock.

SoundHound AI Price Performance

Shares of SOUN traded down $0.82 during midday trading on Wednesday, hitting $9.38. 18,085,807 shares of the company traded hands, compared to its average volume of 38,374,809. The stock has a 50-day moving average of $12.09 and a 200-day moving average of $10.52. 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, Inc. has a one year low of $3.50 and a one year high of $24.98. The firm has a market cap of $3.69 billion, a P/E ratio of -26.06 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 55.58% and a negative net margin of 163.58%. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

SoundHound AI 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.