Shellback Capital LP Makes New $1.20 Million Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Shellback Capital LP purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 302,900 shares of the company’s stock, valued at approximately $1,196,000.

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

Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 535,275 shares of company stock worth $2,802,644. 21.30% of the stock is owned by insiders.

SoundHound AI Stock Up 0.4 %

NASDAQ:SOUN opened at $4.91 on Friday. SoundHound AI, Inc. has a 12-month low of $1.49 and a 12-month high of $10.25. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.74. The stock’s 50 day moving average price is $4.84 and its two-hundred day moving average price is $4.97.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly 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 business had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the company posted ($0.10) EPS. The firm’s revenue was up 53.8% on a year-over-year basis. Equities research analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SOUN shares. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Northland Securities increased their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Thursday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average 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.