Carnegie Investment Counsel Grows Stock Position in SoundHound AI, Inc. $SOUN

Carnegie Investment Counsel increased its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 13.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,363,405 shares of the company’s stock after purchasing an additional 164,725 shares during the period. Carnegie Investment Counsel’s holdings in SoundHound AI were worth $21,924,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its position in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after buying an additional 1,060 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in SoundHound AI by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after acquiring an additional 1,023 shares during the last quarter. Investors Research Corp lifted its stake in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after acquiring an additional 700 shares during the last quarter. AlphaQuest LLC acquired a new position in SoundHound AI during the 1st quarter worth approximately $32,000. Finally, Huntington National Bank increased its position in shares of SoundHound AI by 48.8% in the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company’s stock valued at $33,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 60,376 shares of the company’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $21.21, for a total value of $1,280,574.96. Following the completion of the sale, the chief financial officer owned 1,765,928 shares in the company, valued at $37,455,332.88. This represents a 3.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Majid Emami sold 41,167 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $823,340.00. Following the sale, the vice president owned 608,186 shares of the company’s stock, valued at approximately $12,163,720. This represents a 6.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 292,064 shares of company stock worth $5,904,921 in the last three months. Corporate insiders own 9.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SOUN. Oppenheimer assumed coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They set a “market perform” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $13.00 to $15.00 in a research report on Friday, December 12th. DA Davidson reissued a “buy” rating and set a $17.00 target price on shares of SoundHound AI in a research report on Tuesday, November 18th. Finally, Wedbush restated an “outperform” rating and set a $16.00 target price on shares of SoundHound AI in a research note on Thursday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.07.

SoundHound AI Price Performance

NASDAQ SOUN opened at $10.70 on Friday. The company has a fifty day moving average of $13.38 and a two-hundred day moving average of $13.41. 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 1 year low of $6.52 and a 1 year high of $24.81.

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

SoundHound AI Company 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.