Commonwealth Equity Services LLC Cuts Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Commonwealth Equity Services LLC lowered its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 33.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 201,534 shares of the company's stock after selling 101,314 shares during the period. Commonwealth Equity Services LLC owned about 0.05% of SoundHound AI worth $3,998,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Kieckhefer Group LLC bought a new position in SoundHound AI during the 4th quarter worth $3,432,000. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after acquiring an additional 189,109 shares during the period. Oriental Harbor Investment Fund bought a new stake in SoundHound AI in the fourth quarter valued at approximately $8,964,000. Geode Capital Management LLC boosted its holdings in SoundHound AI by 9.1% in the third 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 last quarter. Finally, Wealth Effects LLC acquired a new stake in SoundHound AI during the 4th quarter valued at approximately $357,000. Institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Down 5.3 %

Shares of NASDAQ:SOUN traded down $0.50 during trading on Thursday, reaching $8.88. 15,602,424 shares of the stock were exchanged, compared to its average volume of 38,204,952. The stock has a fifty day moving average of $12.00 and a two-hundred day moving average of $10.52. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -24.67 and a beta of 2.62.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of the firm'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 value of $281,041.20. Following the transaction, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the transaction, the chief executive officer now directly owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. The trade was a 7.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SOUN. 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 research note on Friday, February 28th. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Northland Securities lifted their price objective 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. HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target 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.