51,500 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Purchased by MRP Capital Investments LLC

MRP Capital Investments LLC acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 51,500 shares of the company’s stock, valued at approximately $203,000.

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

SoundHound AI Stock Up 1.0 %

Shares of SOUN stock opened at $4.85 on Thursday. The stock has a 50-day simple moving average of $4.92 and a 200 day simple moving average of $4.99. The stock has a market capitalization of $1.60 billion, a P/E ratio of -12.76 and a beta of 2.74. SoundHound AI, Inc. has a fifty-two week low of $1.49 and a fifty-two week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share 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 business had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the business posted ($0.10) EPS. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the sale, the chief executive officer now owns 953,333 shares in the company, valued at approximately $3,765,665.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the sale, the chief executive officer now owns 953,333 shares in the company, valued at approximately $3,765,665.35. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 374,504 shares of company stock worth $1,907,191. Corporate insiders own 21.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SOUN. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Friday, August 9th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities increased their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

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.