Oriental Harbor Investment Fund Invests $8.96 Million in SoundHound AI, Inc. (NASDAQ:SOUN)

Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 451,794 shares of the company’s stock, valued at approximately $8,964,000. SoundHound AI accounts for about 0.9% of Oriental Harbor Investment Fund’s investment portfolio, making the stock its 13th largest position.

Other hedge funds also recently added to or reduced their stakes in the company. NBC Securities Inc. lifted its holdings in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the period. Amalgamated Bank lifted its stake in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the period. Farther Finance Advisors LLC increased its stake in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares in the last quarter. Sei Investments Co. purchased a new stake in shares of SoundHound AI in the second quarter valued at approximately $43,000. Finally, Newbridge Financial Services Group Inc. raised its position in SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Down 17.6 %

SOUN stock traded down $3.17 during trading on Wednesday, reaching $14.81. 55,838,784 shares of the stock were exchanged, compared to its average volume of 69,353,586. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of -41.14 and a beta of 2.63. The business has a 50 day moving average price of $12.72 and a 200-day moving average price of $7.61. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $24.98.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SOUN. HC Wainwright lifted their price objective on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, December 23rd. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 over the last 90 days. 12.28% of the stock is owned by insiders.

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.