MASO CAPITAL PARTNERS Ltd Purchases Shares of 68,407 SoundHound AI, Inc. (NASDAQ:SOUN)

Key Points

• MASO CAPITAL PARTNERS Ltd has acquired 68,407 shares of SoundHound AI, valued at approximately $555,000, making it the 11th largest holding in its portfolio.
• SoundHound AI reported a 151.2% increase in revenue year-over-year, with earnings per share for the quarter of (0.06), exceeding estimates.
• Insiders sold nearly 961,289 shares of SoundHound AI stock worth over $9 million in the last 90 days, indicating a notable shift in insider positions.

MASO CAPITAL PARTNERS Ltd purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 68,407 shares of the company's stock, valued at approximately $555,000. SoundHound AI comprises about 0.8% of MASO CAPITAL PARTNERS Ltd's portfolio, making the stock its 11th largest holding.

A number of other institutional investors and hedge funds also recently bought and sold shares of SOUN. Orion Capital Management LLC purchased a new position in shares of SoundHound AI during the 4th quarter worth about $30,000. Golden State Wealth Management LLC boosted its position in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after buying an additional 2,115 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in SoundHound AI in the 4th quarter valued at about $88,000. Sunbelt Securities Inc. boosted its position in SoundHound AI by 153.1% in the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock valued at $90,000 after buying an additional 2,755 shares during the period. Finally, CIBC Private Wealth Group LLC purchased a new stake in SoundHound AI in the 4th quarter valued at about $127,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

Shares of SOUN opened at $10.11 on Friday. The company has a 50 day moving average price of $10.66 and a 200-day moving average price of $10.64. SoundHound AI, Inc. has a fifty-two week low of $3.94 and a fifty-two week high of $24.98. The stock has a market capitalization of $4.06 billion, a PE ratio of -18.38 and a beta of 2.57.

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, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The firm had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same quarter in the prior year, the company earned ($0.07) EPS. The company's revenue was up 151.2% compared to the same quarter last year. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In related news, CFO Nitesh Sharan sold 111,111 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the completion of the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at $13,505,544. The trade was a 7.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Majid Emami sold 132,352 shares of the company's 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 in the company, valued at $5,396,319.28. The trade was a 19.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 961,289 shares of company stock worth $9,247,847 over the last 90 days. 9.17% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

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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