LPL Financial LLC Acquires 200,763 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

LPL Financial LLC boosted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 19.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,252,972 shares of the company's stock after buying an additional 200,763 shares during the quarter. LPL Financial LLC owned 0.32% of SoundHound AI worth $24,859,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its holdings in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after purchasing an additional 42,869 shares during the last quarter. Geode Capital Management LLC boosted its stake in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock worth $54,078,000 after purchasing an additional 143,487 shares during the last quarter. Carnegie Investment Counsel increased its position in shares of SoundHound AI by 9.1% during the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock worth $19,484,000 after purchasing an additional 82,300 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in SoundHound AI by 2.8% during the 4th quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company's stock valued at $17,278,000 after purchasing an additional 23,962 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several research analysts have recently commented on the company. HC Wainwright reissued a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. 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 report on Monday, December 16th. DA Davidson upped their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Northland Securities upped their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $12.86.

Insider Activity

In other news, insider James Ming Hom sold 28,388 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was 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 of the company's stock, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Diana Sroka sold 3,402 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were 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 $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 in the last quarter. Company insiders own 12.28% of the company's stock.

SoundHound AI Trading Up 5.9 %

Shares of NASDAQ:SOUN traded up $0.48 during midday trading on Wednesday, hitting $8.68. The company had a trading volume of 22,435,862 shares, compared to its average volume of 46,035,035. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. The firm has a fifty day simple moving average of $11.51 and a 200 day simple moving average of $10.66. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -24.11 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its 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). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

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.