Oriental Harbor Investment Fund Invests $8.96 Million in SoundHound AI, Inc. (NASDAQ:SOUN)

Oriental Harbor Investment Fund acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 451,794 shares of the company's stock, valued at approximately $8,964,000. SoundHound AI makes up approximately 0.9% of Oriental Harbor Investment Fund's portfolio, making the stock its 13th biggest position. Oriental Harbor Investment Fund owned 0.12% of SoundHound AI at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SOUN. Oppenheimer & Co. Inc. raised its position in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after purchasing an additional 1,887 shares during the period. Integrated Wealth Concepts LLC lifted its stake in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock valued at $80,000 after buying an additional 1,975 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after acquiring an additional 2,000 shares during the period. Newbridge Financial Services Group Inc. grew its position in shares of SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock worth $46,000 after acquiring an additional 2,320 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its holdings in shares of SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company's stock worth $164,000 after acquiring an additional 2,522 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Price Performance

SoundHound AI stock traded down $2.96 during mid-day trading on Wednesday, hitting $15.02. The company's stock had a trading volume of 86,604,854 shares, compared to its average volume of 76,151,594. The stock has a market capitalization of $5.55 billion, a P/E ratio of -41.72 and a beta of 2.63. SoundHound AI, Inc. has a twelve month low of $1.62 and a twelve month high of $24.98. The stock's fifty day moving average price is $12.72 and its two-hundred day moving average price is $7.61. 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 (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the previous year, the firm earned ($0.09) earnings per share. SoundHound AI's revenue for the quarter was up 88.7% compared to the same quarter last year. Research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SOUN shares. LADENBURG THALM/SH SH restated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright upped their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, December 23rd. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. Barclays reissued a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson reiterated a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.07.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares of the company's stock, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now directly 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 ninety days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by corporate insiders.

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.