Concorde Asset Management LLC Invests $541,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

Concorde Asset Management LLC acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 27,255 shares of the company’s stock, valued at approximately $541,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after acquiring an additional 8,402,881 shares during the period. Geode Capital Management LLC increased its holdings in SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after purchasing an additional 315,897 shares during the period. State Street Corp raised its position in 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after buying an additional 143,487 shares during the period. Finally, Invesco Ltd. grew its position in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after buying an additional 1,289,360 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Down 7.1 %

SoundHound AI stock opened at $8.20 on Friday. The company has a market capitalization of $3.27 billion, a PE ratio of -22.78 and a beta of 2.73. SoundHound AI, Inc. has a 12-month low of $3.50 and a 12-month high of $24.98. The firm’s fifty day moving average is $10.29 and its 200 day moving average is $10.77. 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 announced 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). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 51,196 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the sale, the insider now owns 638,456 shares in the company, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Majid Emami sold 28,392 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the transaction, the vice president now directly owns 669,834 shares in the company, valued at $6,631,356.60. This trade represents a 4.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by company 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.