Commonwealth Equity Services LLC Has $4 Million Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Commonwealth Equity Services LLC decreased its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 33.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 201,534 shares of the company’s stock after selling 101,314 shares during the period. Commonwealth Equity Services LLC’s holdings in SoundHound AI were worth $3,998,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Kieckhefer Group LLC acquired a new stake in shares of SoundHound AI in the 4th quarter valued at $3,432,000. Charles Schwab Investment Management Inc. lifted its position in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares during the last quarter. Oriental Harbor Investment Fund acquired a new stake in SoundHound AI in the fourth quarter valued at about $8,964,000. Geode Capital Management LLC grew 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 valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Finally, Wealth Effects LLC acquired a new position in SoundHound AI during the fourth quarter worth about $357,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $9.86 on Monday. The company has a market cap of $3.88 billion, a P/E ratio of -27.39 and a beta of 2.62. The company has a fifty day simple moving average of $12.19 and a 200 day simple moving average of $10.44. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $33.70 million. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities increased their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. DA Davidson boosted their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.86.

About SoundHound AI

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.