California State Teachers Retirement System Raises Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

California State Teachers Retirement System increased its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 13.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 303,598 shares of the company's stock after acquiring an additional 36,422 shares during the period. California State Teachers Retirement System owned approximately 0.08% of SoundHound AI worth $6,023,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC bought a new position in shares of SoundHound AI in the 4th quarter worth $411,000. KBC Group NV increased its holdings in shares of SoundHound AI by 130.3% in the 4th quarter. KBC Group NV now owns 13,221 shares of the company's stock worth $262,000 after buying an additional 7,480 shares during the last quarter. Golden State Equity Partners bought a new position in shares of SoundHound AI in the 4th quarter worth $458,000. JB Capital LLC bought a new stake in SoundHound AI in the 4th quarter worth approximately $288,000. Finally, Stratos Wealth Partners LTD. lifted its position in SoundHound AI by 201.8% in the 4th quarter. Stratos Wealth Partners LTD. now owns 71,487 shares of the company's stock worth $1,418,000 after buying an additional 47,802 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Insider Buying and Selling at SoundHound AI

In other news, Director Diana Sroka sold 3,402 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the sale, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This trade represents a 2.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 118,605 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at approximately $18,840,303.90. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 548,537 shares of company stock valued at $5,567,760 in the last quarter. Company insiders own 9.17% of the company's stock.

SoundHound AI Trading Down 6.8%

SOUN traded down $0.69 during trading on Thursday, hitting $9.47. 34,689,750 shares of the stock traded hands, compared to its average volume of 38,570,175. The firm has a market capitalization of $3.80 billion, a P/E ratio of -26.31 and a beta of 2.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a 50-day moving average of $9.24 and a 200 day moving average of $11.86. SoundHound AI, Inc. has a 12-month low of $3.82 and a 12-month high of $24.98.

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 163.58% and a negative return on equity of 55.58%. 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. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of recent research reports. DA Davidson dropped their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Piper Sandler began coverage on shares of SoundHound AI in a report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 target price on the stock. HC Wainwright reduced their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Wedbush reduced their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.