UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 39,989 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 9.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 393,858 shares of the company’s stock after selling 39,989 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in SoundHound AI were worth $1,835,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Kings Path Partners LLC purchased a new stake in SoundHound AI during the second quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI during the second quarter worth $31,000. NBC Securities Inc. lifted its holdings in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. Amalgamated Bank boosted its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC grew its stake in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after buying an additional 2,200 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Up 23.7 %

SOUN stock opened at $16.91 on Monday. The company has a market capitalization of $6.25 billion, a P/E ratio of -46.97 and a beta of 3.03. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $17.29. The firm’s fifty day simple moving average is $7.48 and its 200-day simple moving average is $5.69. 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 (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm’s revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) earnings per share. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 368,041 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $15.00, for a total value of $5,520,615.00. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,487,220. This represents a 13.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Michael Zagorsek sold 42,001 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $7,189,811.36. The trade was a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,035,416 shares of company stock valued at $26,334,544 over the last ninety days. Company insiders own 12.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SOUN. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright upped their target price on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

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.