MRP Capital Investments LLC Buys 11,750 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

MRP Capital Investments LLC increased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 21.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,250 shares of the company’s stock after purchasing an additional 11,750 shares during the period. SoundHound AI makes up about 1.2% of MRP Capital Investments LLC’s holdings, making the stock its 28th biggest position. MRP Capital Investments LLC’s holdings in SoundHound AI were worth $1,334,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Kieckhefer Group LLC acquired a new stake in SoundHound AI during the fourth quarter worth approximately $3,432,000. Charles Schwab Investment Management Inc. grew 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 acquiring an additional 189,109 shares during the period. Oriental Harbor Investment Fund acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $8,964,000. Geode Capital Management LLC grew 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 acquiring an additional 602,311 shares during the period. Finally, Wealth Effects LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $357,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Buying and Selling

In other news, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction 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 completion of the transaction, the director now owns 108,117 shares in the company, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the 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 directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on SOUN. 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, February 28th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities raised their price objective 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 raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $9.59 on Friday. The business’s fifty day simple moving average is $12.27 and its 200 day simple moving average is $10.32. The firm has a market capitalization of $3.77 billion, a P/E ratio of -26.64 and a beta of 2.62. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. 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 results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

About SoundHound AI

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.