Rhumbline Advisers Acquires 37,431 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Rhumbline Advisers boosted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 8.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 457,107 shares of the company's stock after acquiring an additional 37,431 shares during the quarter. Rhumbline Advisers owned 0.11% of SoundHound AI worth $3,712,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at about $30,000. Compagnie Lombard Odier SCmA bought a new position in shares of SoundHound AI during the 4th quarter valued at about $40,000. BIT Capital GmbH bought a new position in shares of SoundHound AI during the 4th quarter valued at about $43,000. Finally, Larson Financial Group LLC increased its position in shares of SoundHound AI by 76.9% during the 4th quarter. Larson Financial Group LLC now owns 4,068 shares of the company's stock valued at $81,000 after purchasing an additional 1,768 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SOUN has been the topic of several recent research reports. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. DA Davidson dropped their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush dropped their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, Piper Sandler assumed coverage on SoundHound AI in a report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 target price for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Trading Down 3.9%

NASDAQ SOUN opened at $9.10 on Friday. SoundHound AI, Inc. has a fifty-two week low of $3.82 and a fifty-two week high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a 50 day simple moving average of $9.46 and a two-hundred day simple moving average of $11.99. The stock has a market cap of $3.66 billion, a P/E ratio of -25.28 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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 return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same quarter last year, the business posted ($0.07) EPS. The business's revenue was up 151.2% on a year-over-year basis. On average, analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $1,400,061.60. Following the completion of the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. This trade represents a 7.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 48,639 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $481,526.10. Following the completion of the transaction, the chief financial officer now owns 1,454,011 shares of the company's stock, valued at approximately $14,394,708.90. The trade was a 3.24% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 680,889 shares of company stock worth $6,896,574. 9.17% of the stock is currently owned by company insiders.

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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