SoundHound AI, Inc. (NASDAQ:SOUN) Stock Position Lifted by Twin Tree Management LP

Twin Tree Management LP lifted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 837.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,926 shares of the company’s stock after purchasing an additional 25,841 shares during the quarter. Twin Tree Management LP’s holdings in SoundHound AI were worth $574,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kieckhefer Group LLC bought a new position in shares of SoundHound AI in the fourth quarter worth $3,432,000. Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI in the fourth quarter worth $8,964,000. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC bought a new position in shares of SoundHound AI in the fourth quarter worth $357,000. Institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

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

SoundHound AI Trading Down 5.1 %

Shares of NASDAQ SOUN opened at $9.57 on Wednesday. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. The company has a market cap of $3.76 billion, a price-to-earnings ratio of -26.58 and a beta of 2.62. 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 business has a fifty day simple moving average of $12.48 and a 200-day simple moving average of $10.33.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results 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 company had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 121,194 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $2,460,238.20. Following the completion of the sale, the chief executive officer now directly owns 2,177,954 shares of the company’s stock, valued at approximately $44,212,466.20. This represents a 5.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 524,676 shares of company stock valued at $10,638,694. Corporate 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.