The Manufacturers Life Insurance Company raised its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 43.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,826 shares of the company's stock after purchasing an additional 45,750 shares during the period. The Manufacturers Life Insurance Company's holdings in SoundHound AI were worth $708,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of SOUN. Carnegie Investment Counsel acquired a new position in shares of SoundHound AI in the 3rd quarter valued at $4,193,000. Bank of New York Mellon Corp boosted its stake in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock valued at $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Shellback Capital LP bought a new position in shares of SoundHound AI in the 2nd quarter valued at about $1,196,000. Squarepoint Ops LLC boosted its stake in shares of SoundHound AI by 818.0% in the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company's stock valued at $913,000 after purchasing an additional 205,985 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of SoundHound AI by 1,039.3% in the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company's stock valued at $844,000 after purchasing an additional 195,011 shares during the last quarter. 19.28% of the stock is owned by institutional investors.
SoundHound AI Trading Up 23.7 %
Shares of SoundHound AI stock opened at $16.91 on Friday. The firm has a 50-day moving average of $7.48 and a 200-day moving average of $5.68. The stock has a market cap of $6.25 billion, a PE ratio of -46.97 and a beta of 3.03. SoundHound AI, Inc. has a 52-week low of $1.62 and a 52-week high of $17.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts' expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI's quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.09) earnings per share. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.
Insider Activity at SoundHound AI
In other news, CEO Keyvan Mohajer sold 465,394 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Majid Emami sold 298,086 shares of the company's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $4,483,213.44. Following the completion of the transaction, the vice president now directly owns 735,685 shares of the company's stock, valued at $11,064,702.40. This represents a 28.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,035,416 shares of company stock valued at $26,334,544 over the last quarter. 12.28% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on SOUN shares. LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright lifted their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Wedbush reiterated an "outperform" rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson restated a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Finally, Barclays restated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and a consensus price target of $7.64.
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.
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