Stonehearth Capital Management LLC Buys New Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Stonehearth Capital Management LLC purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 15,273 shares of the company’s stock, valued at approximately $303,000.

Other hedge funds also recently added to or reduced their stakes in the company. NBC Securities Inc. boosted its position in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the period. Farther Finance Advisors LLC lifted its position in SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after acquiring an additional 6,716 shares in the last quarter. Amalgamated Bank boosted its holdings in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the period. TriaGen Wealth Management LLC acquired a new stake in SoundHound AI in the third quarter valued at approximately $47,000. Finally, Sei Investments Co. purchased a new stake in shares of SoundHound AI during the second quarter valued at approximately $43,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Performance

NASDAQ:SOUN traded down $2.27 during trading hours on Tuesday, reaching $17.62. 52,230,826 shares of the stock were exchanged, compared to its average volume of 67,127,773. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $6.51 billion, a P/E ratio of -48.94 and a beta of 2.63. The firm has a 50 day simple moving average of $12.48 and a 200-day simple moving average of $7.52.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted ($0.09) earnings per share. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Michael Zagorsek sold 277,813 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by 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.