SoundHound AI, Inc. (NASDAQ:SOUN) Stock Holdings Boosted by LPL Financial LLC

LPL Financial LLC grew its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 19.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,252,972 shares of the company's stock after purchasing an additional 200,763 shares during the period. LPL Financial LLC owned approximately 0.32% of SoundHound AI worth $24,859,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SOUN. KLP Kapitalforvaltning AS acquired a new stake in SoundHound AI during the 4th quarter valued at approximately $1,309,000. Sei Investments Co. boosted its stake in shares of SoundHound AI by 62.7% during the 4th quarter. Sei Investments Co. now owns 48,196 shares of the company's stock valued at $956,000 after buying an additional 18,566 shares during the last quarter. MRP Capital Investments LLC grew its position in shares of SoundHound AI by 21.2% during the fourth quarter. MRP Capital Investments LLC now owns 67,250 shares of the company's stock worth $1,334,000 after buying an additional 11,750 shares in the last quarter. Xponance Inc. increased its stake in shares of SoundHound AI by 14.6% in the fourth quarter. Xponance Inc. now owns 22,133 shares of the company's stock worth $439,000 after buying an additional 2,827 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new stake in SoundHound AI in the fourth quarter valued at $573,000. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

NASDAQ:SOUN traded down $0.36 during midday trading on Thursday, reaching $8.30. 20,101,153 shares of the company traded hands, compared to its average volume of 38,071,796. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of -23.06 and a beta of 2.62. The company has a fifty day moving average price of $11.20 and a 200 day moving average price of $10.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. On average, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SOUN shares. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Northland Securities lifted their target price 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 set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, DA Davidson lifted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $12.86.

Insider Buying and Selling at SoundHound AI

In other news, Director Diana Sroka sold 3,402 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now owns 689,652 shares in the company, valued at approximately $6,827,554.80. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is owned by company 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.