CIBC Private Wealth Group LLC Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

CIBC Private Wealth Group LLC purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,424 shares of the company’s stock, valued at approximately $127,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tucker Asset Management LLC lifted its stake in shares of SoundHound AI by 221.3% in the 4th quarter. Tucker Asset Management LLC now owns 9,160 shares of the company’s stock worth $182,000 after acquiring an additional 6,309 shares during the period. Pictet Asset Management Holding SA lifted its position in SoundHound AI by 57.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 50,683 shares of the company’s stock valued at $1,006,000 after purchasing an additional 18,587 shares during the period. AssuredPartners Investment Advisors LLC acquired a new stake in SoundHound AI in the fourth quarter valued at about $945,000. BIT Capital GmbH acquired a new position in SoundHound AI during the 4th quarter worth approximately $43,000. Finally, JPMorgan Chase & Co. increased its position in SoundHound AI by 5.8% during the 4th quarter. JPMorgan Chase & Co. now owns 286,817 shares of the company’s stock worth $5,690,000 after purchasing an additional 15,672 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Trading Up 3.8 %

Shares of SOUN opened at $7.60 on Tuesday. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year 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 50 day simple moving average of $10.90 and a 200-day simple moving average of $10.75. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -21.11 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last released its quarterly 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 return on equity of 55.58% and a negative net margin of 163.58%. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Timothy Stonehocker sold 27,714 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the sale, the chief technology officer now owns 768,867 shares in the company, valued at $7,611,783.30. This trade represents a 3.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diana Sroka sold 3,402 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares of the company’s stock, valued at $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock valued at $4,999,726 in the last ninety days. Insiders own 12.28% of the company’s stock.

Analysts Set New Price Targets

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

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.