SoundHound AI, Inc. (NASDAQ:SOUN) Shares Acquired by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC raised its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 169.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 83,950 shares of the company’s stock after acquiring an additional 52,750 shares during the period. Thoroughbred Financial Services LLC’s holdings in SoundHound AI were worth $331,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SOUN. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 16.1% in the 1st 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 during the period. Intrinsic Edge Capital Management LLC boosted its holdings in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA purchased a new stake in shares of SoundHound AI during the 1st quarter worth about $6,659,000. Bank of New York Mellon Corp grew its position in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Trading Up 0.8 %

Shares of SoundHound AI stock opened at $4.80 on Wednesday. The firm has a market capitalization of $1.58 billion, a PE ratio of -12.63 and a beta of 2.74. SoundHound AI, Inc. has a twelve month low of $1.49 and a twelve month high of $10.25. The firm’s 50-day moving average price is $4.92 and its 200 day moving average price is $4.99.

SoundHound AI (NASDAQ:SOUN) last issued 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). The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) earnings per share. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 67,994 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 value of $274,695.76. Following the transaction, the chief executive officer now directly owns 1,069,837 shares of the company’s stock, valued at approximately $4,322,141.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other SoundHound AI news, insider James Ming Hom sold 16,716 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 value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the transaction, the chief executive officer now directly owns 1,069,837 shares in the company, valued at $4,322,141.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 521,728 shares of company stock valued at $2,501,976. 21.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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