The Manufacturers Life Insurance Company Buys 53,490 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

The Manufacturers Life Insurance Company grew its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 101.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 106,076 shares of the company’s stock after acquiring an additional 53,490 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in SoundHound AI were worth $419,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the second quarter worth $28,000. Hexagon Capital Partners LLC purchased a new position in shares of SoundHound AI in the first quarter worth $29,000. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI in the second quarter worth $31,000. HighPoint Advisor Group LLC purchased a new position in shares of SoundHound AI in the fourth quarter worth $37,000. Finally, Amalgamated Bank raised its stake in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities boosted their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. 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, September 18th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Performance

SoundHound AI stock opened at $5.25 on Thursday. The stock has a fifty day moving average of $4.86 and a 200 day moving average of $4.74. The stock has a market cap of $1.73 billion, a PE ratio of -13.82 and a beta of 2.73. SoundHound AI, Inc. has a one year low of $1.49 and a one year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.10) EPS. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the company’s 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock worth $1,606,644 over the last quarter. 21.30% of the stock is currently owned by corporate insiders.

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.