HighPoint Advisor Group LLC Buys 17,420 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

HighPoint Advisor Group LLC boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 29.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 76,872 shares of the company’s stock after purchasing an additional 17,420 shares during the period. HighPoint Advisor Group LLC’s holdings in SoundHound AI were worth $1,525,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after buying an additional 8,402,881 shares during the period. State Street Corp boosted its position in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Geode Capital Management LLC increased its position 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 valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in SoundHound AI by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after buying an additional 143,487 shares during the last quarter. Finally, LPL Financial LLC boosted its holdings in SoundHound AI by 19.1% in the fourth quarter. LPL Financial LLC now owns 1,252,972 shares of the company’s stock worth $24,859,000 after acquiring an additional 200,763 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares of the company’s stock, valued at $6,827,554.80. The trade was a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 138,895 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $1,400,061.60. Following the completion of the transaction, the chief executive officer now directly owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. This represents a 7.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. Insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

SOUN stock opened at $8.12 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98. The company has a market cap of $3.24 billion, a P/E ratio of -22.56 and a beta of 2.62. The stock’s fifty day moving average price is $11.68 and its 200-day moving average price is $10.64.

SoundHound AI (NASDAQ:SOUN) last released 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 firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

SoundHound AI Company 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.