Kieckhefer Group LLC Purchases New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Kieckhefer Group LLC bought a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 173,000 shares of the company’s stock, valued at approximately $3,432,000. SoundHound AI accounts for 2.1% of Kieckhefer Group LLC’s holdings, making the stock its 14th biggest position.

Several other institutional investors have also added to or reduced their stakes in SOUN. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares during the period. Carnegie Investment Counsel acquired a new stake in SoundHound AI during the third quarter worth approximately $4,193,000. Oriental Harbor Investment Fund acquired a new position in SoundHound AI in the 4th quarter valued at $8,964,000. Geode Capital Management LLC increased its position in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Finally, Franklin Resources Inc. acquired a new position in SoundHound AI in the third quarter valued at about $177,000. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.07.

SoundHound AI Stock Performance

NASDAQ SOUN traded down $1.02 during trading hours on Monday, reaching $13.07. 26,274,596 shares of the company were exchanged, compared to its average volume of 65,954,758. The business’s 50 day simple moving average is $13.29 and its 200-day simple moving average is $7.84. 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, Inc. has a 1 year low of $1.62 and a 1 year high of $24.98. The stock has a market capitalization of $4.83 billion, a P/E ratio of -36.31 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.09) earnings per share. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by corporate 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.