Swiss National Bank Grows Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Swiss National Bank grew its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 16.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 641,200 shares of the company’s stock after purchasing an additional 91,500 shares during the quarter. Swiss National Bank’s holdings in SoundHound AI were worth $12,721,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Kieckhefer Group LLC acquired a new stake in SoundHound AI during the fourth quarter valued at $3,432,000. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 acquiring an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI during the 4th quarter valued at about $8,964,000. Geode Capital Management LLC increased its stake in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC acquired a new position in SoundHound AI in the 4th quarter worth about $357,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 36,771 shares of SoundHound AI stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $746,451.30. Following the transaction, the insider now directly owns 718,040 shares of the company’s stock, valued at $14,576,212. The trade was a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 37,459 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 524,676 shares of company stock valued at $10,638,694. Insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $9.85 on Thursday. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The company has a market cap of $3.87 billion, a P/E ratio of -27.36 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $12.38 and its 200-day moving average price is $10.33.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results 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 company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

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.