Bank of New York Mellon Corp Buys 23,962 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 2.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 870,843 shares of the company’s stock after purchasing an additional 23,962 shares during the quarter. Bank of New York Mellon Corp’s holdings in SoundHound AI were worth $17,278,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SOUN. Geode Capital Management LLC increased its holdings in shares of SoundHound AI by 9.1% during 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. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI during the fourth quarter worth approximately $8,964,000. UNICOM Systems Inc. bought a new position in shares of SoundHound AI during the fourth quarter worth approximately $4,662,000. Charles Schwab Investment Management Inc. increased its holdings in shares of 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. Finally, Kieckhefer Group LLC bought a new position in shares of SoundHound AI during the fourth quarter worth approximately $3,432,000. 19.28% of the stock is owned by institutional investors.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction dated 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 completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. This trade represents a 15.86 % 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, Director Lawrence Marcus sold 25,000 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 128,117 shares of the company’s stock, valued at $1,793,638. This represents a 16.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,024,777 shares of company stock worth $20,412,443. 12.28% of the stock is currently owned by insiders.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $8.54 on Wednesday. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. 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 firm has a market capitalization of $3.36 billion, a P/E ratio of -23.72 and a beta of 2.62. The company’s 50 day moving average price is $13.49 and its two-hundred day moving average price is $10.17.

SoundHound AI (NASDAQ:SOUN) last issued 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). The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SOUN shares. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities lifted 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 note on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson lifted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Wedbush lifted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.86.

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.