Choreo LLC Acquires New Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Choreo LLC bought a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 12,629 shares of the company’s stock, valued at approximately $49,000.

A number of other institutional investors have also added to or reduced their stakes in SOUN. Vanguard Group Inc. boosted its position in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its stake in SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA bought a new stake in SoundHound AI during the first quarter valued at approximately $6,659,000. Bank of New York Mellon Corp grew its stake in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Down 0.8 %

Shares of NASDAQ:SOUN opened at $4.97 on Friday. The stock has a market cap of $1.64 billion, a PE ratio of -13.08 and a beta of 2.74. The company’s fifty day moving average is $4.91 and its 200 day moving average is $4.99. SoundHound AI, Inc. has a 52 week low of $1.49 and a 52 week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) 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 last year, the business posted ($0.10) earnings per share. The firm’s quarterly revenue was up 53.8% compared to the same quarter last year. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $3,765,665.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the sale, the chief executive officer now owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The disclosure for this sale can be found here. Insiders have sold 374,504 shares of company stock valued at $1,907,191 in the last ninety days. Company insiders own 21.30% of the company’s stock.

SoundHound AI 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.