Harbour Investments Inc. Grows Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Harbour Investments Inc. lifted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 4.7% during the third quarter, Holdings Channel.com reports. The firm owned 62,534 shares of the company’s stock after acquiring an additional 2,788 shares during the period. Harbour Investments Inc.’s holdings in SoundHound AI were worth $291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SOUN. Vanguard Group Inc. raised its holdings in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the period. Baupost Group LLC MA purchased a new position in shares of SoundHound AI during the 1st quarter valued at approximately $6,659,000. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at $4,193,000. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $6.36 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 8.77 and a current ratio of 2.58. The stock’s fifty day moving average is $5.30 and its two-hundred day moving average is $4.96. The firm has a market capitalization of $2.28 billion, a P/E ratio of -17.67 and a beta of 2.71. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly 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. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the company posted ($0.09) EPS. The company’s revenue was up 88.7% compared to the same quarter last year. On average, research analysts anticipate that SoundHound AI, Inc. will post -0.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of research reports. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the transaction, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were 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 approximately $5,071,266.72. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock valued at $1,606,644 in the last 90 days. Company insiders own 12.28% of the company’s stock.

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.