SoundHound AI, Inc. (NASDAQ:SOUN) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN increased its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 45.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 410,040 shares of the company's stock after purchasing an additional 128,982 shares during the period. Wells Fargo & Company MN owned approximately 0.10% of SoundHound AI worth $8,135,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings 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 valued at $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC increased its holdings in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI in the fourth quarter valued at about $40,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI during the 4th quarter valued at approximately $40,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analyst Weigh In

SOUN has been the subject of several research reports. Northland Securities lifted 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. DA Davidson decreased their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday. HC Wainwright restated a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $12.43.

Insider Activity

In related news, VP Majid Emami sold 28,392 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now directly owns 669,834 shares of the company's stock, valued at approximately $6,631,356.60. This represents a 4.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 3,333 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $33,596.64. Following the completion of the transaction, the chief technology officer now directly owns 765,534 shares in the company, valued at $7,716,582.72. This trade represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock valued at $4,999,726 in the last three months. Corporate insiders own 12.28% of the company's stock.

SoundHound AI Trading Up 1.0 %

SOUN stock traded up $0.08 on Friday, hitting $7.84. 14,371,166 shares of the company were exchanged, compared to its average volume of 38,027,778. 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 $3.13 billion, a price-to-earnings ratio of -21.76 and a beta of 2.73. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The business's fifty day moving average is $9.41 and its two-hundred day moving average is $10.87.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share 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.