State Street Corp Raises Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

State Street Corp raised its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 0.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,197,414 shares of the company’s stock after purchasing an additional 42,869 shares during the period. State Street Corp’s holdings in SoundHound AI were worth $33,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its stake in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in shares of SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after purchasing an additional 1,975 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Wolverine Asset Management LLC grew its stake in SoundHound AI by 7.7% during the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after buying an additional 2,522 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $21.75 on Friday. The firm’s fifty day moving average is $9.01 and its two-hundred day moving average is $6.21. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of -60.42 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.08.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period last year, the business earned ($0.09) earnings per share. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. Research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the transaction, the director now directly owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,321,786 shares of company stock worth $35,065,286 in the last three months. Company insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright lifted their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $9.50.

SoundHound AI 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.