Insigneo Advisory Services LLC Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Insigneo Advisory Services LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 11,558 shares of the company’s stock, valued at approximately $94,000.

Several other large investors also recently bought and sold shares of SOUN. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares in the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI during the 4th quarter worth approximately $30,000. BIT Capital GmbH purchased a new stake in SoundHound AI during the 4th quarter worth approximately $43,000. Harbor Investment Advisory LLC increased its stake in SoundHound AI by 387.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company’s stock worth $61,000 after buying an additional 6,000 shares in the last quarter. Finally, NBC Securities Inc. increased its stake in SoundHound AI by 127,900.0% during the 1st quarter. NBC Securities Inc. now owns 7,680 shares of the company’s stock worth $62,000 after buying an additional 7,674 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Stock Performance

SOUN opened at $9.57 on Friday. SoundHound AI, Inc. has a one year low of $3.82 and a one year high of $24.98. The stock has a market capitalization of $3.84 billion, a PE ratio of -17.40 and a beta of 2.64. The business’s 50 day moving average price is $9.58 and its 200 day moving average price is $11.99.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The firm had revenue of $29.13 million for the quarter, compared to analysts’ expectations of $30.38 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. The firm’s quarterly revenue was up 151.2% on a year-over-year basis. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 44,157 shares of the company’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $12.00, for a total transaction of $529,884.00. Following the transaction, the chief technology officer now directly owns 723,009 shares in the company, valued at $8,676,108. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Majid Emami sold 132,352 shares of the company’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total value of $1,328,814.08. Following the transaction, the vice president now owns 537,482 shares in the company, valued at $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 377,150 shares of company stock worth $3,889,557. Insiders own 9.17% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. HC Wainwright cut their price objective on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, May 12th. DA Davidson lowered their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Wedbush lowered their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, Piper Sandler started coverage on SoundHound AI in a report on Tuesday, May 27th. They set an “overweight” rating and a $12.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $10.50.

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.