SoundHound AI, Inc. (NASDAQ:SOUN) Shares Purchased by State Street Corp

State Street Corp grew its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,197,414 shares of the company's stock after buying an additional 42,869 shares during the period. State Street Corp owned approximately 2.01% of SoundHound AI worth $33,540,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Bank of New York Mellon Corp grew its position 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 valued at $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Carnegie Investment Counsel purchased a new position in shares of SoundHound AI during the third quarter worth approximately $4,193,000. Commonwealth Equity Services LLC lifted its holdings in shares of SoundHound AI by 31.2% in the 2nd 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 during the last quarter. Finally, Rhumbline Advisers boosted its position in SoundHound AI by 106.6% during the second quarter. Rhumbline Advisers now owns 360,167 shares of the company's stock valued at $1,423,000 after buying an additional 185,861 shares during the period. Hedge funds and other institutional investors own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Barclays reiterated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price target 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 reaffirmed a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright boosted their price target on SoundHound AI from $7.00 to $8.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, LADENBURG THALM/SH SH reiterated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $9.50.

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at $11,311,808.16. The trade was a 2.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,321,786 shares of company stock valued at $35,065,286. Insiders own 12.28% of the company's stock.

SoundHound AI Stock Up 15.4 %

Shares of SOUN stock traded up $2.90 during mid-day trading on Friday, reaching $21.75. 114,643,531 shares of the company's stock traded hands, compared to its average volume of 40,477,391. The company has a market cap of $8.04 billion, a P/E ratio of -60.42 and a beta of 3.03. 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 12 month low of $1.62 and a 12 month high of $24.08. The company's 50-day moving average price is $9.01 and its 200-day moving average price is $6.22.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) 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 firm had revenue of $25.10 million for the quarter, compared to analysts' expectations of $23.02 million. During the same period in the prior year, the firm posted ($0.09) earnings per share. The company's quarterly revenue was up 88.7% on a year-over-year basis. On average, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

SoundHound AI Company 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.