City State Bank Buys 11,025 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

City State Bank boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 1,225.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,925 shares of the company’s stock after purchasing an additional 11,025 shares during the period. City State Bank’s holdings in SoundHound AI were worth $47,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in shares of SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares in the last quarter. Vanguard Group Inc. raised its position in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares in the last quarter. PFG Investments LLC bought a new stake in SoundHound AI during the first quarter valued at approximately $1,335,000. Commonwealth Equity Services LLC raised its holdings in shares of SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares in the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new stake in SoundHound AI during the first quarter valued at about $199,000. Institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research report on Thursday, April 11th. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Friday, May 10th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $6.88.

Insider Activity

In other news, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the sale, the chief technology officer now directly owns 883,570 shares in the company, valued at approximately $4,417,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Nitesh Sharan sold 22,384 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $90,431.36. Following the completion of the transaction, the chief financial officer now owns 728,633 shares in the company, valued at approximately $2,943,677.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the transaction, the chief technology officer now owns 883,570 shares of the company’s stock, valued at $4,417,850. The disclosure for this sale can be found here. In the last three months, insiders have sold 625,728 shares of company stock worth $3,011,476. 21.30% of the stock is currently owned by company insiders.

SoundHound AI Trading Up 5.7 %

SOUN traded up $0.24 during trading on Tuesday, hitting $4.46. 16,038,129 shares of the stock were exchanged, compared to its average volume of 40,021,348. SoundHound AI, Inc. has a 1 year low of $1.49 and a 1 year high of $10.25. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -11.47 and a beta of 2.77. The firm has a 50 day simple moving average of $4.63 and a 200 day simple moving average of $4.61. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $11.59 million during the quarter, compared to analyst estimates of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The firm’s revenue for the quarter was up 72.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.12) earnings per share. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.3 EPS for the current year.

SoundHound AI 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.