Strategic Wealth Partners Ltd. Takes $73,000 Position in SoundHound AI, Inc. (NASDAQ:SOUN)

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

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its stake in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA purchased a new position in shares of SoundHound AI during the 1st quarter valued at $6,659,000. Janus Henderson Group PLC lifted its stake 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 buying an additional 409,917 shares in the last quarter. Finally, Aristides Capital LLC purchased a new stake in SoundHound AI in the 1st quarter worth $1,765,000. Institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on SOUN. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, July 29th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Friday, May 10th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

Insider Activity

In related news, insider James Ming Hom sold 16,716 shares of the 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 $67,532.64. Following the completion of the sale, the insider now owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider James Ming Hom sold 16,716 shares of the 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 $67,532.64. Following the completion of the sale, the insider now owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 104,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total transaction of $520,000.00. Following the sale, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 625,728 shares of company stock worth $3,011,476. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Price Performance

Shares of SOUN stock opened at $4.62 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. The company’s 50-day simple moving average is $4.65 and its two-hundred day simple moving average is $4.55. SoundHound AI, Inc. has a one year low of $1.49 and a one year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $11.59 million for the quarter, compared to the consensus estimate of $10.10 million. During the same period in the prior year, the firm earned ($0.12) EPS. The company’s revenue for the quarter was up 72.9% compared to the same quarter last year. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

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.