Concorde Asset Management LLC Purchases New Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Concorde Asset Management LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 27,255 shares of the company’s stock, valued at approximately $541,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kieckhefer Group LLC bought a new stake in shares of SoundHound AI during the 4th quarter worth about $3,432,000. Oriental Harbor Investment Fund acquired a new stake in SoundHound AI during the fourth quarter worth approximately $8,964,000. Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the period. Wealth Effects LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at approximately $357,000. Finally, Franklin Resources Inc. bought a new position in shares of SoundHound AI during the third quarter worth approximately $177,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $8.20 on Friday. The firm has a 50 day moving average of $10.29 and a 200-day moving average of $10.77. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month 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. The stock has a market capitalization of $3.27 billion, a PE ratio of -22.78 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at $17,782,793.28. This trade represents a 7.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider James Ming Hom sold 51,196 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the sale, the insider now directly owns 638,456 shares in the company, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 over the last 90 days. Insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SOUN shares. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. DA Davidson upped their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Wedbush lifted their price target 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, SoundHound AI has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI 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.