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

Y Intercept Hong Kong Ltd grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 69.5% in the third quarter, according to the company in its most recent Form 13F 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 period. Y Intercept Hong Kong Ltd owned 0.14% of SoundHound AI worth $9,388,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Investors Research Corp raised its stake in SoundHound AI by 62.4% in the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after acquiring an additional 700 shares during the period. Financial Consulate Inc. acquired a new stake in shares of SoundHound AI during the 3rd quarter worth about $32,000. Sound Income Strategies LLC lifted its stake in shares of SoundHound AI by 37.3% during the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after buying an additional 575 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of SoundHound AI by 83.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after buying an additional 1,060 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in 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 buying an additional 1,023 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SOUN. Zacks Research cut shares of SoundHound AI from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. HC Wainwright upped their target price on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. DA Davidson set a $14.00 price target on SoundHound AI in a report on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.07.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 60,780 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $685,598.40. Following the completion of the sale, the chief financial officer owned 1,705,148 shares of the company’s stock, valued at approximately $19,234,069.44. This represents a 3.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James Ming Hom sold 42,600 shares of the 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 sale, the insider owned 803,383 shares in the company, valued at $9,062,160.24. This represents a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 462,265 shares of company stock valued at $5,216,518 over the last 90 days. 9.17% of the stock is owned by company insiders.

SoundHound AI Trading Down 5.2%

Shares of SOUN stock opened at $10.33 on Friday. The stock has a market cap of $4.34 billion, a P/E ratio of -12.30 and a beta of 2.65. SoundHound AI, Inc. has a 1 year low of $6.52 and a 1 year high of $22.17. The stock has a 50 day simple moving average of $11.27 and a 200 day simple moving average of $13.53.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The firm had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The company’s revenue was up 67.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.04) EPS. Analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

About SoundHound AI

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.