Cibc World Markets Corp Acquires New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Cibc World Markets Corp acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, HoldingsChannel reports. The fund acquired 28,869 shares of the company’s stock, valued at approximately $573,000.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at about $40,000. Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI in the 4th quarter worth approximately $40,000. Finally, Golden State Wealth Management LLC purchased a new position in SoundHound AI in the 4th quarter worth approximately $42,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SOUN opened at $9.86 on Friday. 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, Inc. has a 52-week low of $3.50 and a 52-week high of $24.98. The stock has a market capitalization of $3.88 billion, a PE ratio of -27.39 and a beta of 2.62. The stock’s 50 day moving average price is $12.19 and its 200-day moving average price is $10.40.

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

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction that occurred on Tuesday, December 24th. The shares were 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 $40,837,653.20. This represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SOUN shares. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson lifted their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Northland Securities lifted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Finally, Wedbush lifted 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. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $12.86.

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.