Tocqueville Asset Management L.P. Cuts Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Tocqueville Asset Management L.P. reduced its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 3.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 860,527 shares of the company's stock after selling 30,000 shares during the quarter. Tocqueville Asset Management L.P. owned about 0.22% of SoundHound AI worth $17,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of SOUN. Blue Trust Inc. lifted its position in 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 buying an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted 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 valued at $26,000 after purchasing an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of SoundHound AI in the 4th quarter valued at $40,000. Compagnie Lombard Odier SCmA bought a new position in shares of SoundHound AI during the 4th quarter valued at $40,000. Finally, Golden State Wealth Management LLC purchased a new position in SoundHound AI in the 4th quarter worth $42,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of the business's stock in a transaction 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 sale, the director now owns 108,117 shares in the company, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction 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 approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company's stock.

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Analyst Ratings Changes

SOUN has been the subject of several analyst reports. Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a report on Monday, February 24th. DA Davidson lifted their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. HC Wainwright reiterated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday, December 16th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, SoundHound AI presently has a consensus rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Trading Up 2.8 %

Shares of SOUN stock traded up $0.27 during trading hours on Friday, reaching $9.86. The company's stock had a trading volume of 26,142,042 shares, compared to its average volume of 39,158,258. 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 one year low of $3.50 and a one year high of $24.98. The stock has a market capitalization of $3.88 billion, a P/E ratio of -27.39 and a beta of 2.62. The firm's fifty day simple moving average is $12.27 and its 200 day simple moving average is $10.32.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share 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 company had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. Equities research analysts expect 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.