Geode Capital Management LLC Has $33.53 Million Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Geode Capital Management LLC grew its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 9.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,193,599 shares of the company’s stock after buying an additional 602,311 shares during the period. Geode Capital Management LLC’s holdings in SoundHound AI were worth $33,529,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. MML Investors Services LLC bought a new position in shares of SoundHound AI in the 3rd quarter valued at approximately $86,000. State Street Corp raised its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the period. Stifel Financial Corp boosted its holdings in shares of SoundHound AI by 122.4% during the 3rd quarter. Stifel Financial Corp now owns 148,970 shares of the company’s stock worth $694,000 after buying an additional 81,990 shares during the period. Point72 DIFC Ltd acquired a new position in SoundHound AI in the 3rd quarter valued at $148,000. Finally, IHT Wealth Management LLC raised its holdings in SoundHound AI by 67.6% in the 3rd quarter. IHT Wealth Management LLC now owns 39,023 shares of the company’s stock worth $182,000 after acquiring an additional 15,738 shares during the period. Institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

SOUN has been the topic of several research analyst reports. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright boosted their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Stock Down 0.9 %

Shares of SOUN stock opened at $20.24 on Thursday. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $24.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a fifty day moving average price of $9.91 and a 200 day moving average price of $6.54. The stock has a market cap of $7.48 billion, a P/E ratio of -56.22 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued 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 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 previous year, the business earned ($0.09) EPS. Analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,258,242 shares of company stock valued at $34,752,649. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Company 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.