Mission Wealth Management LP Sells 8,152 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Mission Wealth Management LP decreased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 42.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 10,922 shares of the company’s stock after selling 8,152 shares during the period. Mission Wealth Management LP’s holdings in SoundHound AI were worth $217,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp increased its stake in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Geode Capital Management LLC increased its stake 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 valued at $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake 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 valued at $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Carnegie Investment Counsel increased its stake in shares of SoundHound AI by 9.1% during the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock valued at $19,484,000 after purchasing an additional 82,300 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of SoundHound AI by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock valued at $17,278,000 after acquiring an additional 23,962 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on SOUN. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush raised their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.86.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the transaction, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,788,257 shares of company stock worth $31,895,182 in the last 90 days. 12.28% of the stock is currently owned by insiders.

SoundHound AI Trading Down 5.9 %

Shares of SOUN stock opened at $9.55 on Friday. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $14.29 and its 200 day moving average is $10.02. The stock has a market capitalization of $3.76 billion, a P/E ratio of -26.53 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. Research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

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.