MML Investors Services LLC Purchases New Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

MML Investors Services LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 18,550 shares of the company’s stock, valued at approximately $86,000.

A number of other large investors have also recently made changes to their positions in SOUN. State Street Corp increased its position in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in 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 worth $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Carnegie Investment Counsel bought a new position in shares of SoundHound AI in the third quarter valued at approximately $4,193,000. Finally, Commonwealth Equity Services LLC boosted its position in shares of SoundHound AI by 31.2% during the second quarter. Commonwealth Equity Services LLC now owns 388,877 shares of the company’s stock valued at $1,536,000 after buying an additional 92,449 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SOUN shares. Wedbush raised their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright increased their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.07.

Insider Buying and Selling at SoundHound AI

In other news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the director now owns 451,756 shares in the company, valued at $5,421,072. The trade was a 9.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last ninety days. 12.28% of the stock is currently owned by company insiders.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $23.95 on Friday. The company has a market capitalization of $8.86 billion, a PE ratio of -66.53 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a 52-week low of $1.62 and a 52-week high of $24.98. The company has a 50-day simple moving average of $10.66 and a 200 day simple moving average of $6.80.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the business posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

SoundHound AI 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.