Alpine Woods Capital Investors LLC Invests $406,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

Alpine Woods Capital Investors LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 50,000 shares of the company's stock, valued at approximately $406,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SOUN. Vanguard Group Inc. increased its holdings in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in SoundHound AI during the 4th quarter worth $41,595,000. Invesco Ltd. raised its position in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in SoundHound AI in the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. purchased a new stake in SoundHound AI during the 4th quarter worth about $16,092,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,039,998.96. Following the completion of the transaction, the chief financial officer owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. This represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 254,376 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the transaction, the chief executive officer owned 1,749,790 shares in the company, valued at $16,378,034.40. This trade represents a 12.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock valued at $9,247,847 in the last ninety days. Company insiders own 9.17% of the company's stock.

SoundHound AI Price Performance

Shares of NASDAQ SOUN traded down $0.72 during trading on Friday, hitting $11.57. 38,538,009 shares of the company were exchanged, compared to its average volume of 40,366,574. The firm's fifty day moving average price is $10.26 and its 200 day moving average price is $11.38. SoundHound AI, Inc. has a 1 year low of $3.94 and a 1 year high of $24.98. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -21.04 and a beta of 2.59.

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 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 business had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same quarter last year, the business posted ($0.07) earnings per share. The business's revenue for the quarter was up 151.2% on a year-over-year basis. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on SOUN. DA Davidson decreased their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Wedbush decreased their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Piper Sandler assumed coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price target for the company. Finally, HC Wainwright lowered their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.50.

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.