Alpine Woods Capital Investors LLC Purchases New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Alpine Woods Capital Investors LLC bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 50,000 shares of the company's stock, valued at approximately $406,000.

Several other hedge funds have also bought and sold shares of the stock. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $30,000. Golden State Wealth Management LLC increased its stake in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares during the last quarter. BIT Capital GmbH purchased a new stake in SoundHound AI during the fourth quarter valued at about $43,000. Harbor Investment Advisory LLC lifted its stake in SoundHound AI by 387.1% during the first quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company's stock worth $61,000 after purchasing an additional 6,000 shares during the last quarter. Finally, NBC Securities Inc. boosted its holdings in shares of SoundHound AI by 127,900.0% in the 1st quarter. NBC Securities Inc. now owns 7,680 shares of the company's stock worth $62,000 after purchasing an additional 7,674 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Trading Down 5.9%

Shares of NASDAQ:SOUN traded down $0.72 during trading on Friday, reaching $11.57. 38,538,009 shares of the company traded hands, compared to its average volume of 40,092,824. SoundHound AI, Inc. has a 52-week low of $3.94 and a 52-week high of $24.98. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of -21.04 and a beta of 2.59. The business's fifty day moving average is $10.26 and its 200-day moving average is $11.23.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. The business had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The firm's revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) EPS. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. HC Wainwright decreased their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Piper Sandler began coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price target on the stock. Wedbush cut their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, DA Davidson reduced their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $10.50.

Insider Buying and Selling

In other news, Director Diana Sroka sold 2,800 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total transaction of $27,832.00. Following the transaction, the director directly owned 153,949 shares of the company's stock, valued at approximately $1,530,253.06. The trade was a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 60,295 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total value of $602,950.00. Following the completion of the sale, the vice president directly owned 477,657 shares of the company's stock, valued at $4,776,570. The trade was a 11.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 961,289 shares of company stock valued at $9,247,847 over the last ninety days. Corporate insiders own 9.17% of the company's stock.

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.