Grange Capital LLC Acquires Shares of 202,613 SoundHound AI, Inc. (NASDAQ:SOUN)

Grange Capital LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 202,613 shares of the company's stock, valued at approximately $1,645,000. SoundHound AI makes up 1.9% of Grange Capital LLC's portfolio, making the stock its 17th biggest position. Grange Capital LLC owned about 0.05% of SoundHound AI as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $30,000. Golden State Wealth Management LLC raised its stake in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after acquiring an additional 2,115 shares in the last quarter. BIT Capital GmbH acquired a new position in SoundHound AI during the 4th quarter valued at approximately $43,000. Harbor Investment Advisory LLC increased its stake in SoundHound AI by 387.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company's stock valued at $61,000 after purchasing an additional 6,000 shares in the last quarter. Finally, NBC Securities Inc. increased its stake in SoundHound AI by 127,900.0% during the 1st quarter. NBC Securities Inc. now owns 7,680 shares of the company's stock valued at $62,000 after purchasing an additional 7,674 shares in the last quarter. Institutional investors own 19.28% of the company's stock.

SoundHound AI Trading Up 1.7%

Shares of SOUN stock traded up $0.22 during trading hours on Friday, hitting $12.86. The company's stock had a trading volume of 36,398,825 shares, compared to its average volume of 40,099,496. The company has a 50 day moving average of $10.46 and a 200 day moving average of $11.08. The stock has a market cap of $5.16 billion, a PE ratio of -23.34 and a beta of 2.59. SoundHound AI, Inc. has a 12-month low of $3.94 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) 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 business's revenue for the quarter was up 151.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) EPS. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, CTO Timothy Stonehocker sold 2,981 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $9.68, for a total transaction of $28,856.08. Following the sale, the chief technology officer directly owned 716,866 shares of the company's stock, valued at approximately $6,939,262.88. This represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction 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 sale, the chief financial officer directly owned 1,442,900 shares in the company, valued at $13,505,544. This trade represents a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 961,289 shares of company stock worth $9,247,847. Company 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.