National Bank of Canada FI Purchases 10,700 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

National Bank of Canada FI lifted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 52.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,118 shares of the company’s stock after purchasing an additional 10,700 shares during the quarter. National Bank of Canada FI’s holdings in SoundHound AI were worth $121,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Commons Capital LLC bought a new position in shares of SoundHound AI in the second quarter valued at $91,000. Rhumbline Advisers lifted its position in SoundHound AI by 106.6% in the 2nd quarter. Rhumbline Advisers now owns 360,167 shares of the company’s stock valued at $1,423,000 after acquiring an additional 185,861 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in SoundHound AI by 31.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 388,877 shares of the company’s stock valued at $1,536,000 after purchasing an additional 92,449 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in SoundHound AI by 25.4% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 42,394 shares of the company’s stock worth $167,000 after purchasing an additional 8,594 shares in the last quarter. Finally, Kings Path Partners LLC bought a new position in shares of SoundHound AI in the second quarter valued at approximately $28,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

SOUN opened at $4.85 on Friday. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The firm has a 50-day moving average of $4.90 and a 200 day moving average of $5.02. The firm has a market cap of $1.74 billion, a P/E ratio of -12.76 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The firm’s revenue was up 53.8% on a year-over-year basis. Equities research analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Insiders sold 521,728 shares of company stock valued at $2,501,976 over the last ninety days. 21.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Monday, August 12th. Finally, Northland Securities boosted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Company 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.