Carnegie Investment Counsel Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Carnegie Investment Counsel bought a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 899,750 shares of the company's stock, valued at approximately $4,193,000. Carnegie Investment Counsel owned 0.27% of SoundHound AI as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock valued at $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Baupost Group LLC MA acquired a new stake in SoundHound AI during the 1st quarter worth $6,659,000. Bank of New York Mellon Corp lifted its holdings in SoundHound AI by 92.7% during the second 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 in the last quarter. Janus Henderson Group PLC grew its stake in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company's stock valued at $2,843,000 after acquiring an additional 409,917 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in shares of SoundHound AI by 31.2% in the second quarter. Commonwealth Equity Services LLC now owns 388,877 shares of the company's stock worth $1,536,000 after acquiring an additional 92,449 shares in the last quarter. Institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Up 5.7 %

Shares of SOUN traded up $0.28 during trading hours on Monday, hitting $5.19. The company had a trading volume of 38,363,374 shares, compared to its average volume of 34,523,805. The business has a fifty day moving average of $4.83 and a 200-day moving average of $4.74. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -13.66 and a beta of 2.73. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI's revenue for the quarter was up 53.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) EPS. On average, equities analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SOUN shares. Northland Securities increased their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a research report on Friday, August 9th. Wedbush reissued an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. Cantor Fitzgerald upgraded shares of SoundHound AI from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, DA Davidson reissued a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.08.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company's stock, valued at $11,529,936.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 in the last quarter. Company insiders own 21.30% of the company's stock.

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.