Rockefeller Capital Management L.P. Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Rockefeller Capital Management L.P. bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,096,530 shares of the company’s stock, valued at approximately $41,595,000. Rockefeller Capital Management L.P. owned about 0.53% of SoundHound AI as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake in SoundHound AI by 43.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock valued at $708,000 after acquiring an additional 45,750 shares in the last quarter. FMR LLC boosted its holdings in shares of SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after purchasing an additional 25,989 shares during the last quarter. Captrust Financial Advisors grew its position in shares of SoundHound AI by 73.4% in the third quarter. Captrust Financial Advisors now owns 69,887 shares of the company’s stock valued at $326,000 after purchasing an additional 29,578 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after purchasing an additional 1,975 shares during the last quarter. Finally, Stifel Financial Corp lifted its position in SoundHound AI by 122.4% during the third quarter. Stifel Financial Corp now owns 148,970 shares of the company’s stock worth $694,000 after buying an additional 81,990 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Up 1.0 %

NASDAQ SOUN opened at $8.28 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market capitalization of $3.30 billion, a P/E ratio of -23.00 and a beta of 2.73. The firm’s 50-day moving average is $10.14 and its two-hundred day moving average is $10.80. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SOUN shares. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. DA Davidson increased their price target 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. Finally, Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.86.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $1,400,061.60. Following the completion of the transaction, the chief executive officer now directly owns 1,764,166 shares of the company’s stock, valued at $17,782,793.28. The trade was a 7.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James Ming Hom sold 51,196 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the sale, the insider now directly owns 638,456 shares in the company, valued at $6,544,174. This represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock worth $4,999,726 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

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.