Fmr LLC Acquires 25,989 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

FMR LLC increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 112.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,038 shares of the company's stock after buying an additional 25,989 shares during the quarter. FMR LLC's holdings in SoundHound AI were worth $229,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Clear Creek Financial Management LLC grew its holdings in SoundHound AI by 41.4% during the second quarter. Clear Creek Financial Management LLC now owns 71,874 shares of the company's stock worth $284,000 after purchasing an additional 21,042 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Harbour Investments Inc. raised its stake in SoundHound AI by 5.1% in the 2nd quarter. Harbour Investments Inc. now owns 59,746 shares of the company's stock valued at $236,000 after acquiring an additional 2,923 shares during the period. Principal Financial Group Inc. lifted its holdings in SoundHound AI by 106.6% during the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company's stock valued at $151,000 after purchasing an additional 19,780 shares during the last quarter. Finally, Signaturefd LLC boosted its position in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company's stock worth $41,000 after purchasing an additional 2,200 shares during the period. 19.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reissued a "buy" rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright boosted their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Wedbush increased 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. Finally, LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, SoundHound AI has an average rating of "Moderate Buy" and an average target price of $9.50.

SoundHound AI Price Performance

Shares of SoundHound AI stock traded up $2.90 on Friday, reaching $21.75. 114,643,531 shares of the stock were exchanged, compared to its average volume of 40,477,391. The firm's 50 day moving average is $9.01 and its 200-day moving average is $6.22. The firm has a market cap of $8.04 billion, a PE ratio of -60.42 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.08.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company's revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.09) EPS. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 58,382 shares of the company's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $18.35, for a total value of $1,071,309.70. Following the completion of the transaction, the insider now directly owns 754,811 shares in the company, valued at approximately $13,850,781.85. This represents a 7.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,321,786 shares of company stock valued at $35,065,286. 12.28% of the stock is currently owned by insiders.

SoundHound AI Company 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.