Y Intercept Hong Kong Ltd Has $9.39 Million Stock Position in SoundHound AI, Inc. $SOUN

Y Intercept Hong Kong Ltd increased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 69.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 583,847 shares of the company’s stock after buying an additional 239,424 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in SoundHound AI were worth $9,388,000 at the end of the most recent reporting period.

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

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 144,326 shares of SoundHound AI stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $1,627,997.28. Following the transaction, the chief executive officer directly owned 2,198,287 shares of the company’s stock, valued at $24,796,677.36. The trade was a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Ming Hom sold 42,600 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $480,528.00. Following the completion of the transaction, the insider owned 803,383 shares in the company, valued at $9,062,160.24. This trade represents a 5.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 462,265 shares of company stock valued at $5,216,518 over the last ninety days. Insiders own 9.17% of the company’s stock.

SoundHound AI Stock Down 5.2%

Shares of SoundHound AI stock opened at $10.33 on Friday. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of -12.30 and a beta of 2.65. SoundHound AI, Inc. has a twelve month low of $6.52 and a twelve month high of $22.17. The company’s fifty day moving average is $11.27 and its 200 day moving average is $13.53.

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

Wall Street Analyst Weigh In

SOUN has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. DA Davidson set a $14.00 price target on SoundHound AI in a research note on Thursday, January 8th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $13.00 to $15.00 in a report on Friday, December 12th. Piper Sandler lowered their target price on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.07.

SoundHound AI 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.