Golden State Equity Partners Buys Shares of 23,080 SoundHound AI, Inc. (NASDAQ:SOUN)

Golden State Equity Partners acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the 4th quarter, Holdings Channel reports. The fund acquired 23,080 shares of the company’s stock, valued at approximately $458,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SOUN. Carnegie Investment Counsel purchased a new stake in shares of SoundHound AI during the third quarter worth about $4,193,000. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI during the 4th quarter worth approximately $8,964,000. Squarepoint Ops LLC increased its stake in SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after buying an additional 205,985 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SOUN shares. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Northland Securities boosted 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 report on Tuesday, January 14th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Trading Up 0.6 %

SOUN opened at $14.24 on Tuesday. The stock has a market capitalization of $5.27 billion, a PE ratio of -39.56 and a beta of 2.56. The firm’s fifty day moving average price is $15.75 and its 200 day moving average price is $8.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a 12-month low of $1.62 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The firm’s revenue was up 88.7% compared to the same quarter last year. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP Majid Emami sold 368,662 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $15.00, for a total value of $5,529,930.00. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at $11,035,275. This represents a 33.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last quarter. Company insiders own 12.28% of the company’s stock.

SoundHound AI Company 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.