ProShare Advisors LLC Acquires 31,621 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

ProShare Advisors LLC boosted its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 57.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 86,876 shares of the company's stock after purchasing an additional 31,621 shares during the quarter. ProShare Advisors LLC's holdings in SoundHound AI were worth $1,724,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Wealth Effects LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $357,000. Mitchell Capital Management Co. bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $2,329,000. SG Americas Securities LLC boosted its position in shares of SoundHound AI by 70.2% during the 4th quarter. SG Americas Securities LLC now owns 195,028 shares of the company's stock valued at $3,869,000 after acquiring an additional 80,448 shares during the last quarter. UNICOM Systems Inc. bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $4,662,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $594,000. Institutional investors own 19.28% of the company's stock.

SoundHound AI Trading Up 0.3%

SoundHound AI stock traded up $0.03 during trading hours on Friday, reaching $9.58. The company had a trading volume of 21,307,063 shares, compared to its average volume of 38,023,419. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a 50-day moving average price of $9.09 and a 200 day moving average price of $11.72. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -26.61 and a beta of 2.71. SoundHound AI, Inc. has a 12-month low of $3.82 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The business's revenue was up 151.2% compared to the same quarter last year. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 44,157 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $12.00, for a total transaction of $529,884.00. Following the transaction, the chief technology officer now directly owns 723,009 shares of the company's stock, valued at approximately $8,676,108. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Diana Sroka sold 3,402 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the transaction, the director now directly owns 138,850 shares in the company, valued at $1,399,608. This trade represents a 2.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 548,537 shares of company stock valued at $5,567,760. Company insiders own 12.28% of the company's stock.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research analyst reports. Wedbush dropped their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. HC Wainwright decreased their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of "Hold" and an average price target of $10.29.

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.