Strategic Wealth Partners Ltd. Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Strategic Wealth Partners Ltd. purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 12,330 shares of the company’s stock, valued at approximately $73,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised 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 acquiring an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC grew its holdings in shares of 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 acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $6,659,000. Janus Henderson Group PLC grew its holdings in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of SoundHound AI by 13.9% in the fourth quarter. Swiss National Bank now owns 400,500 shares of the company’s stock valued at $849,000 after purchasing an additional 49,000 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SOUN. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Friday, May 10th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a report on Thursday, April 11th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $4.62 on Friday. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. SoundHound AI, Inc. has a 52 week low of $1.49 and a 52 week high of $10.25. The firm has a 50 day moving average of $4.65 and a two-hundred day moving average of $4.55.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The company had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. During the same quarter in the previous year, the business posted ($0.12) EPS. The firm’s revenue was up 72.9% on a year-over-year basis. Sell-side analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 16,039 shares of the business’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 transaction of $64,797.56. Following the completion of the sale, the chief technology officer now owns 867,531 shares in the company, valued at approximately $3,504,825.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Timothy Stonehocker sold 16,039 shares of the business’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 transaction of $64,797.56. Following the completion of the sale, the chief technology officer now owns 867,531 shares in the company, valued at approximately $3,504,825.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 16,716 shares of the business’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 $67,532.64. Following the sale, the insider now owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 625,728 shares of company stock worth $3,011,476. 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.