Tucker Asset Management LLC Purchases 6,309 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Tucker Asset Management LLC raised its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 221.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,160 shares of the company’s stock after purchasing an additional 6,309 shares during the period. Tucker Asset Management LLC’s holdings in SoundHound AI were worth $182,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after acquiring an additional 84,301 shares during the period. Intech Investment Management LLC bought a new position in shares of SoundHound AI in the third quarter worth $305,000. Charles Schwab Investment Management Inc. raised its stake in 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. Independent Advisor Alliance lifted its position in SoundHound AI by 85.3% during the third quarter. Independent Advisor Alliance now owns 36,663 shares of the company’s stock worth $171,000 after purchasing an additional 16,880 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in SoundHound AI by 43.1% during the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock worth $708,000 after buying an additional 45,750 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SOUN. DA Davidson upped their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. 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. Wedbush upped their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Northland Securities lifted their target price 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. Finally, Cantor Fitzgerald raised shares of 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 issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Down 4.3 %

SOUN opened at $8.50 on Friday. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of -23.61 and a beta of 2.62. The company’s 50 day moving average price is $11.79 and its two-hundred day moving average price is $10.53. 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 fifty-two week low of $3.50 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced 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). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

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

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.