National Bank of Canada FI Sells 7,835 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

National Bank of Canada FI decreased its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 25.2% during the third quarter, Holdings Channel reports. The firm owned 23,283 shares of the company’s stock after selling 7,835 shares during the quarter. National Bank of Canada FI’s holdings in SoundHound AI were worth $108,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SOUN. State Street Corp lifted its holdings in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings 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 acquiring an additional 189,109 shares during the period. Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares during the period. Carnegie Investment Counsel purchased a new stake in shares of SoundHound AI during the 3rd quarter valued at about $4,193,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of SoundHound AI by 31.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 388,877 shares of the company’s stock worth $1,536,000 after purchasing an additional 92,449 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Activity at SoundHound AI

In related 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. This trade represents a 11.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,060,416 shares of company stock worth $26,684,544 in the last 90 days. 12.28% of the stock is owned by corporate insiders.

SoundHound AI Stock Up 16.4 %

Shares of NASDAQ:SOUN opened at $19.69 on Tuesday. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $19.97. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $7.78 and a 200 day moving average price of $5.80. The company has a market cap of $7.28 billion, a price-to-earnings ratio of -54.69 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on SOUN. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright boosted their price target on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $9.50.

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.