Commonwealth Equity Services LLC Has $4 Million Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Commonwealth Equity Services LLC decreased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 33.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,534 shares of the company’s stock after selling 101,314 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.05% of SoundHound AI worth $3,998,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Commons Capital LLC grew its holdings in shares of SoundHound AI by 2.7% in the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock valued at $543,000 after acquiring an additional 723 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in SoundHound AI by 33.2% in the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after purchasing an additional 750 shares in the last quarter. Keynote Financial Services LLC increased its position in shares of SoundHound AI by 4.7% during the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock worth $329,000 after purchasing an additional 752 shares during the last quarter. Blue Trust Inc. raised its stake in shares of SoundHound AI by 197.6% during the 4th 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. Finally, Choreo LLC boosted its holdings in shares of SoundHound AI by 7.6% in the 4th quarter. Choreo LLC now owns 14,424 shares of the company’s stock valued at $309,000 after buying an additional 1,015 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SOUN shares. DA Davidson upped their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $9.86 on Monday. The business’s 50 day moving average is $12.19 and its 200-day moving average is $10.44. The firm has a market cap of $3.88 billion, a P/E ratio of -27.39 and a beta of 2.62. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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). The firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.