Informed Momentum Co LLC Lowers Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Key Points

• Informed Momentum Co LLC reduced its stake in SoundHound AI by 24.7%, selling 57,309 shares and leaving them with 175,040 shares valued at approximately $1.42 million as of the end of the quarter.
• Multiple institutional investors have recently increased their positions in SoundHound AI, with notable stakes raised by Golden State Wealth Management and Sunbelt Securities.
• Despite a miss on earnings with an EPS of ($0.19), SoundHound AI reported a significant 216.3% increase in revenue year-over-year, reaching $42.68 million.

Informed Momentum Co LLC reduced its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 24.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 175,040 shares of the company's stock after selling 57,309 shares during the quarter. Informed Momentum Co LLC's holdings in SoundHound AI were worth $1,421,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SOUN. Virtu Financial LLC bought a new stake in SoundHound AI during the 1st quarter worth approximately $2,395,000. Carnegie Investment Counsel grew its holdings in shares of SoundHound AI by 8.9% in the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock valued at $8,131,000 after acquiring an additional 87,810 shares in the last quarter. Thoroughbred Financial Services LLC grew its holdings in shares of SoundHound AI by 38.4% in the first quarter. Thoroughbred Financial Services LLC now owns 113,475 shares of the company's stock valued at $921,000 after acquiring an additional 31,500 shares in the last quarter. Yarbrough Capital LLC bought a new position in shares of SoundHound AI in the first quarter valued at approximately $1,258,000. Finally, Deutsche Bank AG grew its holdings in shares of SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock valued at $5,249,000 after acquiring an additional 103,450 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Price Performance

Shares of SoundHound AI stock traded up $0.52 during trading hours on Wednesday, reaching $16.50. The company had a trading volume of 57,454,470 shares, compared to its average volume of 50,721,676. SoundHound AI, Inc. has a one year low of $4.32 and a one year high of $24.98. The business has a fifty day simple moving average of $11.12 and a 200 day simple moving average of $10.53. The firm has a market cap of $6.63 billion, a PE ratio of -26.18 and a beta of 2.57.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%. The company had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. During the same period in the previous year, the business earned ($0.11) earnings per share. SoundHound AI's revenue was up 216.3% on a year-over-year basis. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 254,376 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $2,380,959.36. Following the completion of the transaction, the chief executive officer directly owned 1,749,790 shares of the company's stock, valued at $16,378,034.40. This trade represents a 12.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $1,039,998.96. Following the completion of the sale, the chief financial officer owned 1,442,900 shares in the company, valued at $13,505,544. This trade represents a 7.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 913,317 shares of company stock valued at $8,679,813. 9.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SOUN has been the subject of several recent analyst reports. Wall Street Zen lowered SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday. Northland Securities raised SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price for the company in a report on Friday, August 8th. Northland Capmk raised SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and increased their price objective for the company from $9.00 to $16.00 in a report on Monday. Finally, Wedbush increased their price objective on SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, SoundHound AI presently has a consensus rating of "Moderate Buy" and an average price target of $13.36.

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.