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Mirae Asset Global Investments Co. Ltd. Buys 24,362 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

SoundHound AI logo with Computer and Technology background

Mirae Asset Global Investments Co. Ltd. increased its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 72.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 57,775 shares of the company's stock after acquiring an additional 24,362 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in SoundHound AI were worth $491,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SOUN. Orion Capital Management LLC purchased a new stake in SoundHound AI during the 4th quarter valued at $30,000. Golden State Wealth Management LLC raised its stake in SoundHound AI by 100.0% during 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 last quarter. BIT Capital GmbH purchased a new stake in SoundHound AI during the 4th quarter valued at $43,000. Harbor Investment Advisory LLC raised 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 buying an additional 6,000 shares during the last quarter. Finally, NBC Securities Inc. raised 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 buying an additional 7,674 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the completion of the transaction, the insider owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Majid Emami sold 132,352 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the transaction, the vice president directly owned 537,482 shares of the company's stock, valued at $5,396,319.28. This represents 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 in the last three months. Corporate insiders own 9.17% of the company's stock.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of research reports. Wedbush decreased their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. DA Davidson decreased their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective for the company. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

View Our Latest Research Report on SOUN

SoundHound AI Price Performance

Shares of NASDAQ:SOUN traded down $0.20 during midday trading on Friday, hitting $11.06. The company had a trading volume of 24,813,293 shares, compared to its average volume of 40,134,016. The company has a market cap of $4.44 billion, a price-to-earnings ratio of -20.10 and a beta of 2.59. The company has a fifty day moving average of $9.98 and a two-hundred day moving average of $11.60. 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 issued its 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. The company had revenue of $29.13 million during 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%. SoundHound AI's quarterly revenue was up 151.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) EPS. Research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

About SoundHound AI

(Free Report)

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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Institutional Ownership by Quarter for SoundHound AI (NASDAQ:SOUN)

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