Connable Office Inc. Sells 1,000 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Connable Office Inc. reduced its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 6.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,957 shares of the company’s stock after selling 1,000 shares during the quarter. Connable Office Inc.’s holdings in SoundHound AI were worth $277,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creative Planning bought a new position in SoundHound AI in the 3rd quarter worth $91,000. International Assets Investment Management LLC raised its holdings in SoundHound AI by 914.6% in the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock worth $374,000 after purchasing an additional 72,252 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in SoundHound AI by 2,198.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after purchasing an additional 84,278 shares in the last quarter. Financial Advocates Investment Management raised its holdings in SoundHound AI by 6.3% in the 3rd quarter. Financial Advocates Investment Management now owns 46,685 shares of the company’s stock worth $218,000 after purchasing an additional 2,750 shares in the last quarter. Finally, Focus Financial Network Inc. bought a new position in SoundHound AI in the 3rd quarter worth $120,000. 19.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SoundHound AI

In other news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,722,918 shares of company stock worth $44,935,943. 12.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SOUN shares. Wedbush upped 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. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, DA Davidson increased their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Up 17.7 %

NASDAQ:SOUN opened at $10.84 on Friday. The firm has a market cap of $4.26 billion, a P/E ratio of -30.10 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The firm has a 50-day simple moving average of $15.19 and a two-hundred day simple moving average of $9.88.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data 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 firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal 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.