Cibc World Markets Corp Purchases New Shares in SoundHound AI, Inc. (NASDAQ:SOUN)

Cibc World Markets Corp purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 28,869 shares of the company’s stock, valued at approximately $573,000.

A number of other institutional investors and hedge funds have also bought and sold shares of SOUN. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $3,432,000. Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 7.9% during the 3rd 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 during the last quarter. Oriental Harbor Investment Fund purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $8,964,000. Geode Capital Management LLC increased its position in shares of 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 purchasing an additional 602,311 shares during the last quarter. Finally, Wealth Effects LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $357,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

SoundHound AI Stock Up 2.8 %

Shares of NASDAQ SOUN opened at $9.86 on Friday. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98. The business has a 50-day simple moving average of $12.19 and a two-hundred day simple moving average of $10.40. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.88 billion, a P/E ratio of -27.39 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) 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 the consensus estimate of $33.70 million. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the sale, the director now owns 108,117 shares in the company, valued at approximately $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 can be accessed through this link. Also, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. This trade represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. 12.28% of the stock is owned by corporate insiders.

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.