Larson Financial Group LLC Acquires 1,768 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Larson Financial Group LLC grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 76.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,068 shares of the company’s stock after acquiring an additional 1,768 shares during the quarter. Larson Financial Group LLC’s holdings in SoundHound AI were worth $81,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SOUN. State Street Corp lifted its position in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares during the period. Geode Capital Management LLC lifted its position in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. lifted its position in SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares during the period. Carnegie Investment Counsel lifted its position in SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after purchasing an additional 82,300 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in SoundHound AI by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock worth $17,278,000 after purchasing an additional 23,962 shares during the period. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $9.13 on Thursday. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The firm has a market cap of $3.59 billion, a PE ratio of -25.36 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The business has a fifty day moving average of $13.28 and a 200-day moving average of $10.16.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on SOUN. DA Davidson raised their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.86.

Insider Activity

In related news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Zagorsek sold 138,906 shares of SoundHound AI stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $25,974,666.86. The trade was a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 999,777 shares of company stock worth $20,062,443. 12.28% of the stock is owned by corporate insiders.

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.