Rhumbline Advisers Has $1.42 Million Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Rhumbline Advisers increased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 106.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 360,167 shares of the company’s stock after buying an additional 185,861 shares during the period. Rhumbline Advisers’ holdings in SoundHound AI were worth $1,423,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position 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 worth $94,655,000 after purchasing an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC lifted its position in shares of SoundHound AI by 47.7% in 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 during the period. Baupost Group LLC MA bought a new stake in shares of SoundHound AI in the 1st quarter valued at $6,659,000. Bank of New York Mellon Corp increased its stake in shares of 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 valued at $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of SoundHound AI by 563.0% in 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 in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $4.97 on Friday. The company’s 50-day moving average is $4.89 and its 200 day moving average is $4.98. The company has a market capitalization of $1.64 billion, a P/E ratio of -13.08 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 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 return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.10) earnings per share. As a group, research analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Keyvan Mohajer sold 116,504 shares of the company’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 directly owns 953,333 shares in the company, valued at $3,765,665.35. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction dated 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 sale, the chief technology officer now owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders have sold a total of 374,504 shares of company stock valued at $1,907,191 over the last three months. 21.30% of the stock is currently owned by insiders.

SoundHound AI Company 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.