Tocqueville Asset Management L.P. Lowers Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Tocqueville Asset Management L.P. lessened its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 3.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 860,527 shares of the company’s stock after selling 30,000 shares during the quarter. Tocqueville Asset Management L.P. owned approximately 0.22% of SoundHound AI worth $17,073,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Kieckhefer Group LLC acquired a new position in SoundHound AI in the 4th quarter valued at about $3,432,000. Charles Schwab Investment Management Inc. grew its holdings in shares of SoundHound AI by 7.9% in 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. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI during the 4th quarter worth approximately $8,964,000. Geode Capital Management LLC lifted its holdings in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC purchased a new position in SoundHound AI in the 4th quarter valued at approximately $357,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of recent research reports. DA Davidson upped 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. 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 report on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Wedbush increased their price objective 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. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, SoundHound AI presently has an average rating of “Hold” and an average target price of $12.86.

Insider Transactions at SoundHound AI

In other news, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the transaction, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Ming Hom sold 36,771 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $746,451.30. Following the completion of the sale, the insider now owns 718,040 shares of the company’s stock, valued at approximately $14,576,212. This trade represents a 4.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 802,489 shares of company stock worth $16,542,220. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN opened at $10.08 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 52-week low of $3.50 and a 52-week high of $24.98. The stock has a 50 day moving average price of $12.65 and a 200 day moving average price of $10.30. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of -28.00 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) 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 company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. Research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.