SoundHound AI, Inc. $SOUN Shares Purchased by Carnegie Investment Counsel

Carnegie Investment Counsel increased its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 13.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,363,405 shares of the company’s stock after buying an additional 164,725 shares during the quarter. Carnegie Investment Counsel owned about 0.33% of SoundHound AI worth $21,924,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 37.3% during the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after acquiring an additional 575 shares during the period. Investors Research Corp grew its holdings in shares of SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after purchasing an additional 700 shares during the period. EP Wealth Advisors LLC increased its position in SoundHound AI by 5.3% during the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after purchasing an additional 706 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in SoundHound AI by 4.0% during the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock worth $248,000 after purchasing an additional 880 shares during the period. Finally, Apexium Financial LP raised its stake in SoundHound AI by 2.8% during the second quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock worth $394,000 after purchasing an additional 1,000 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. HC Wainwright increased their price objective on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Wedbush restated an “outperform” rating and issued a $16.00 target price on shares of SoundHound AI in a research report on Thursday, September 11th. Finally, Oppenheimer began coverage on SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.07.

SoundHound AI Stock Performance

SoundHound AI stock opened at $10.70 on Friday. The company has a market capitalization of $4.50 billion, a PE ratio of -12.74 and a beta of 2.63. SoundHound AI, Inc. has a fifty-two week low of $6.52 and a fifty-two week high of $24.81. The firm has a 50 day moving average price of $13.38 and a 200 day moving average price of $13.41.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.06. The business had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The company’s quarterly revenue was up 67.6% on a year-over-year basis. During the same period last year, the business posted ($0.04) earnings per share. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, VP Majid Emami sold 41,167 shares of SoundHound AI stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $823,340.00. Following the completion of the transaction, the vice president owned 608,186 shares in the company, valued at approximately $12,163,720. The trade was a 6.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 70,524 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the sale, the chief technology officer owned 606,525 shares in the company, valued at approximately $12,130,500. This trade represents a 10.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 292,064 shares of company stock valued at $5,904,921. 9.17% of the stock is owned by insiders.

SoundHound AI Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.