Soviero Asset Management LP Makes New $992,000 Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Soviero Asset Management LP purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 50,000 shares of the company's stock, valued at approximately $992,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SOUN. Vanguard Group Inc. grew its holdings in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the period. Rockefeller Capital Management L.P. acquired a new position in shares of SoundHound AI in the fourth quarter valued at $41,595,000. Invesco Ltd. increased its holdings in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. acquired a new position in shares of SoundHound AI in the fourth quarter valued at $16,092,000. Institutional investors own 19.28% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on SOUN shares. HC Wainwright decreased their price objective on shares of 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 shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wedbush decreased their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $10.29.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 3,815 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $10.00, for a total value of $38,150.00. Following the completion of the transaction, the insider now owns 637,090 shares in the company, valued at $6,370,900. This trade represents a 0.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 3,333 shares of the firm'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 transaction of $33,596.64. Following the completion of the transaction, the chief technology officer now owns 765,534 shares of the company's stock, valued at approximately $7,716,582.72. This trade represents a 0.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 548,537 shares of company stock worth $5,567,760 over the last ninety days. Corporate insiders own 12.28% of the company's stock.

SoundHound AI Price Performance

Shares of NASDAQ SOUN traded down $0.30 during midday trading on Tuesday, reaching $9.97. The company's stock had a trading volume of 30,145,263 shares, compared to its average volume of 37,873,964. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a fifty-two week low of $3.82 and a fifty-two week high of $24.98. The business's 50 day moving average price is $9.12 and its two-hundred day moving average price is $11.60. The company has a market cap of $4.01 billion, a P/E ratio of -27.69 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates 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 163.58% and a negative return on equity of 55.58%. The firm's quarterly revenue was up 151.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) earnings per share. On average, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

SoundHound AI Profile

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.