Alps Advisors Inc. Increases Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Alps Advisors Inc. increased its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 35.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 93,288 shares of the company's stock after purchasing an additional 24,632 shares during the period. Alps Advisors Inc.'s holdings in SoundHound AI were worth $757,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new position in SoundHound AI during the fourth quarter worth about $30,000. BIT Capital GmbH acquired a new position in SoundHound AI during the fourth quarter worth about $43,000. Golden State Wealth Management LLC grew its position in SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after buying an additional 2,115 shares during the period. Fourth Dimension Wealth LLC acquired a new position in SoundHound AI during the fourth quarter worth about $88,000. Finally, Sunbelt Securities Inc. grew its position in SoundHound AI by 153.1% during the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock worth $90,000 after buying an additional 2,755 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Performance

Shares of SOUN opened at $11.45 on Tuesday. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of -20.82 and a beta of 2.59. The company's 50 day simple moving average is $10.30 and its 200 day simple moving average is $11.14. SoundHound AI, Inc. has a 1 year low of $3.94 and a 1 year high of $24.98.

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

Analyst Upgrades and Downgrades

SOUN has been the topic of several recent analyst reports. DA Davidson lowered their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Piper Sandler restated a "neutral" rating and set a $12.00 target price on shares of SoundHound AI in a research report on Monday. Wedbush lowered their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $10.50.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 132,352 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the transaction, the vice president owned 537,482 shares of the company's stock, valued at $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the transaction, the chief financial officer directly owned 1,442,900 shares in the company, valued at approximately $13,505,544. This represents a 7.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is owned by corporate insiders.

About SoundHound AI

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.

Want to see what other hedge funds are holding SOUN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SoundHound AI, Inc. (NASDAQ:SOUN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.