SoundHound AI, Inc. (NASDAQ:SOUN) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ raised its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 68.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,508 shares of the company’s stock after acquiring an additional 8,352 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in SoundHound AI were worth $407,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Swiss National Bank boosted its position in SoundHound AI by 16.6% during the 4th quarter. Swiss National Bank now owns 641,200 shares of the company’s stock valued at $12,721,000 after purchasing an additional 91,500 shares during the period. Avantax Advisory Services Inc. lifted its stake in SoundHound AI by 116.6% in the fourth quarter. Avantax Advisory Services Inc. now owns 67,969 shares of the company’s stock valued at $1,348,000 after buying an additional 36,594 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of SoundHound AI by 68.3% during the fourth quarter. Farther Finance Advisors LLC now owns 15,088 shares of the company’s stock valued at $299,000 after acquiring an additional 6,122 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of SoundHound AI by 18.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 34,411 shares of the company’s stock worth $683,000 after acquiring an additional 5,278 shares during the last quarter. Finally, Moors & Cabot Inc. increased its holdings in shares of SoundHound AI by 14.0% in the 4th quarter. Moors & Cabot Inc. now owns 14,572 shares of the company’s stock worth $289,000 after acquiring an additional 1,791 shares during the period. 19.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 802,489 shares of company stock worth $16,542,220. 12.28% of the stock is owned by insiders.

SoundHound AI Trading Down 2.5 %

Shares of SoundHound AI stock opened at $10.08 on Tuesday. The business has a fifty day simple moving average of $12.65 and a 200-day simple moving average of $10.30. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of -28.00 and a beta of 2.62. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share 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 business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SOUN has been the subject of several recent analyst reports. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities lifted 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. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Finally, DA Davidson lifted their price objective 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.86.

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.