AlphaCentric Advisors LLC Has $1.09 Million Position in SoundHound AI, Inc. (NASDAQ:SOUN)

AlphaCentric Advisors LLC lowered its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 56.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 55,000 shares of the company’s stock after selling 70,000 shares during the period. SoundHound AI accounts for 1.1% of AlphaCentric Advisors LLC’s portfolio, making the stock its 25th largest holding. AlphaCentric Advisors LLC’s holdings in SoundHound AI were worth $1,091,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its holdings 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 buying an additional 42,869 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 buying an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the period. Carnegie Investment Counsel boosted its position in SoundHound AI by 9.1% during 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, Oriental Harbor Investment Fund bought a new stake in SoundHound AI during the fourth quarter worth approximately $8,964,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Down 28.1 %

Shares of SOUN stock opened at $10.97 on Monday. The stock has a market cap of $4.31 billion, a P/E ratio of -30.47 and a beta of 2.56. SoundHound AI, Inc. has a one year low of $3.11 and a one year high of $24.98. The stock has a fifty day moving average price of $16.62 and a 200 day moving average price of $9.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

Insider Buying and Selling

In related news, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Majid Emami sold 94,067 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last ninety days. 12.28% of the stock is owned by company insiders.

Analysts Set New Price Targets

SOUN has been the subject of a number of recent analyst reports. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective 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 given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

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.