City State Bank Grows Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

City State Bank lifted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 1,225.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in SoundHound AI by 16.5% during the 1st 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 during the last quarter. Vanguard Group Inc. lifted its position in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. PFG Investments LLC purchased a new stake in SoundHound AI during the 1st quarter valued at $1,335,000. Commonwealth Equity Services LLC grew its stake in shares of SoundHound AI by 239.7% during the first 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 during the last quarter. Finally, Concurrent Investment Advisors LLC bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $199,000. Institutional investors own 19.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research note on Thursday, April 11th. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Friday, May 10th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price 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 issued 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 price target of $6.88.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Keyvan Mohajer sold 67,994 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $274,695.76. Following the sale, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Insiders have sold 625,728 shares of company stock valued at $3,011,476 over the last ninety days. 21.30% of the stock is owned by corporate insiders.

SoundHound AI Stock Up 5.7 %

Shares of SOUN traded up $0.24 during trading hours on Tuesday, hitting $4.46. 16,038,129 shares of the company were exchanged, compared to its average volume of 40,021,348. The firm’s 50 day moving average is $4.63 and its 200-day moving average is $4.61. SoundHound AI, Inc. has a 52 week low of $1.49 and a 52 week high of $10.25. The company has a market cap of $1.47 billion, a PE ratio of -11.47 and a beta of 2.77. 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 announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating 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 last year, the company posted ($0.12) EPS. SoundHound AI’s revenue for the quarter was up 72.9% on a year-over-year basis. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal 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.