Meridian Wealth Management LLC Has $1.74 Million Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Meridian Wealth Management LLC reduced its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 5.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 87,746 shares of the company’s stock after selling 4,676 shares during the quarter. Meridian Wealth Management LLC’s holdings in SoundHound AI were worth $1,741,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Geode Capital Management LLC boosted its stake in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 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 valued at $12,033,000 after buying an additional 189,109 shares in the last quarter. Carnegie Investment Counsel boosted its stake in SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock valued at $19,484,000 after buying an additional 82,300 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in SoundHound AI by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock valued at $17,278,000 after buying an additional 23,962 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on SOUN. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday. Wedbush raised their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, SoundHound AI currently has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $10.32 on Tuesday. The business’s 50-day moving average price is $14.99 and its 200-day moving average price is $9.99. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of -28.67 and a beta of 2.56. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 34,407 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at $16,170,594.30. This trade represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,628,851 shares of company stock worth $44,084,637 over the last ninety days. 12.28% of the stock is owned by insiders.

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.