Moors & Cabot Inc. Acquires 1,791 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Moors & Cabot Inc. boosted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 14.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,572 shares of the company’s stock after purchasing an additional 1,791 shares during the quarter. Moors & Cabot Inc.’s holdings in SoundHound AI were worth $289,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its stake in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $40,000. Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $40,000. Finally, Golden State Wealth Management LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $42,000. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on SOUN. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. 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 raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Up 16.0 %

Shares of NASDAQ:SOUN opened at $10.34 on Monday. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of -28.72 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98. The business’s 50 day moving average is $12.85 and its 200 day moving average is $10.26.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 121,194 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $2,460,238.20. Following the transaction, the chief executive officer now owns 2,177,954 shares of the company’s stock, valued at approximately $44,212,466.20. The trade was a 5.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 802,489 shares of company stock valued at $16,542,220. 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.