Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 56.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,572 shares of the company’s stock after purchasing an additional 20,434 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in SoundHound AI were worth $1,122,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised 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 valued at $33,529,000 after buying an additional 602,311 shares during the period. Oriental Harbor Investment Fund purchased a new position in SoundHound AI during the 4th quarter valued at about $8,964,000. Raymond James Financial Inc. acquired a new position in SoundHound AI in the 4th quarter valued at about $6,830,000. UNICOM Systems Inc. purchased a new stake in SoundHound AI during the fourth quarter worth about $4,662,000. Finally, Charles Schwab Investment Management Inc. lifted its position 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 in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Up 2.9 %

SoundHound AI stock opened at $9.85 on Thursday. The stock has a market cap of $3.87 billion, a PE ratio of -27.36 and a beta of 2.62. 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 stock’s fifty day moving average is $12.38 and its two-hundred day moving average is $10.33. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) 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, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on SOUN. 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 report on Monday, December 16th. HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. DA Davidson lifted their target price on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. 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.com, the company has a consensus rating of “Hold” and a consensus target price of $12.86.

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This represents a 5.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,676 shares of company stock valued at $10,638,694 in the last ninety days. Insiders own 12.28% of the company’s stock.

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.