Swiss National Bank Grows Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Swiss National Bank raised its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 16.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 641,200 shares of the company's stock after acquiring an additional 91,500 shares during the period. Swiss National Bank owned approximately 0.16% of SoundHound AI worth $12,721,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC lifted its stake in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after acquiring an additional 1,271 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI in the 4th quarter worth $40,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI in the 4th quarter worth $40,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of SoundHound AI in the 4th quarter worth $42,000. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Price Performance

SOUN traded up $0.27 during midday trading on Friday, reaching $9.86. 26,153,874 shares of the company's stock were exchanged, compared to its average volume of 38,650,965. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market capitalization of $3.88 billion, a PE ratio of -27.39 and a beta of 2.62. The business's 50-day moving average price is $12.19 and its 200 day moving average price is $10.40. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business 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%. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, CEO Keyvan Mohajer sold 156,288 shares of the business's stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the transaction, the chief executive officer now owns 2,021,666 shares of the company's stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the transaction, the director now directly owns 108,117 shares of the company's stock, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.28% 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.