Grange Capital LLC Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

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

Other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its position in SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after purchasing an additional 929 shares during the period. Creative Financial Designs Inc. ADV increased its stake in SoundHound AI by 13.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock worth $165,000 after purchasing an additional 1,000 shares in the last quarter. CreativeOne Wealth LLC increased its stake in SoundHound AI by 3.7% during the 4th quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company's stock worth $595,000 after purchasing an additional 1,073 shares in the last quarter. Allworth Financial LP increased its stake in SoundHound AI by 11.6% during the 1st quarter. Allworth Financial LP now owns 11,062 shares of the company's stock worth $90,000 after purchasing an additional 1,153 shares in the last quarter. Finally, Amalgamated Bank increased its stake in SoundHound AI by 13.7% during the 1st quarter. Amalgamated Bank now owns 11,162 shares of the company's stock worth $91,000 after purchasing an additional 1,343 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SOUN shares. HC Wainwright cut their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Piper Sandler reissued a "neutral" rating and issued a $12.00 price objective on shares of SoundHound AI in a report on Monday. DA Davidson cut their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Wedbush cut 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. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $10.50.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 79,530 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 transaction of $744,400.80. Following the transaction, the insider directly owned 637,560 shares in the company, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 2,981 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total value of $28,856.08. Following the transaction, the chief technology officer owned 716,866 shares in the company, valued at approximately $6,939,262.88. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 961,289 shares of company stock worth $9,247,847. 9.17% of the stock is owned by insiders.

SoundHound AI Stock Performance

Shares of SOUN opened at $11.45 on Tuesday. SoundHound AI, Inc. has a 52-week low of $3.94 and a 52-week high of $24.98. The business's 50 day moving average price is $10.30 and its two-hundred day moving average price is $11.14. The firm has a market cap of $4.60 billion, a PE ratio of -20.82 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 (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $30.38 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. SoundHound AI's revenue was up 151.2% compared to the same quarter last year. Research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.

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