KLP Kapitalforvaltning AS Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

KLP Kapitalforvaltning AS acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 66,000 shares of the company's stock, valued at approximately $1,309,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Blue Trust Inc. grew its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after acquiring an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI during the fourth quarter worth about $40,000. Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI during the fourth quarter worth about $40,000. Finally, Golden State Wealth Management LLC acquired a new position in SoundHound AI in the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SOUN. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson upped their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. 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 note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, SoundHound AI has a consensus rating of "Hold" and a consensus target price of $12.86.

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Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $1,174,189.50. Following the sale, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at approximately $18,840,303.90. This represents a 5.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the sale, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This trade represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Stock Down 1.5 %

SoundHound AI stock traded down $0.13 during mid-day trading on Tuesday, reaching $8.00. 12,377,194 shares of the company's stock were exchanged, compared to its average volume of 38,007,126. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The company has a market cap of $3.19 billion, a P/E ratio of -22.24 and a beta of 2.62. The company has a fifty day moving average of $11.68 and a 200-day moving average of $10.64.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (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 company had revenue of $34.54 million during the quarter, compared to analysts' expectations of $33.70 million. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current 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.