Arizona State Retirement System Has $287,000 Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Arizona State Retirement System boosted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 32.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 72,667 shares of the company’s stock after buying an additional 17,986 shares during the quarter. Arizona State Retirement System’s holdings in SoundHound AI were worth $287,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Ameritas Investment Partners Inc. increased its position in shares of SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after buying an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC increased its holdings in SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after purchasing an additional 2,000 shares in the last quarter. Signaturefd LLC increased its holdings in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in SoundHound AI by 13.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $4.80 on Wednesday. SoundHound AI, Inc. has a 52-week low of $1.49 and a 52-week high of $10.25. The company has a market capitalization of $1.58 billion, a P/E ratio of -12.63 and a beta of 2.74. The company has a 50-day simple moving average of $4.92 and a 200 day simple moving average of $4.99.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same quarter last year, the business posted ($0.10) earnings per share. The company’s revenue for the quarter was up 53.8% on a year-over-year basis. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research reports. Northland Securities increased their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Friday, August 9th. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Monday, August 12th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

Insider Activity at SoundHound AI

In related news, CFO Nitesh Sharan sold 22,384 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $90,431.36. Following the completion of the sale, the chief financial officer now directly owns 728,633 shares in the company, valued at approximately $2,943,677.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SoundHound AI news, CFO Nitesh Sharan sold 22,384 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $90,431.36. Following the completion of the sale, the chief financial officer now directly owns 728,633 shares in the company, valued at $2,943,677.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 67,994 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $274,695.76. Following the sale, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 521,728 shares of company stock worth $2,501,976. Insiders own 21.30% 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.