49,166 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 49,166 shares of the company's stock, valued at approximately $399,000.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC raised its position in shares of SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after acquiring an additional 315,897 shares during the last quarter. Northern Trust Corp raised its position in shares of SoundHound AI by 10.0% during the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock worth $57,660,000 after acquiring an additional 264,382 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of SoundHound AI during the fourth quarter worth $41,595,000. Finally, Invesco Ltd. raised its position in shares of SoundHound AI by 1,386.2% during the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after acquiring an additional 1,289,360 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the sale, the insider owned 637,560 shares in the company, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Majid Emami sold 132,352 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total value of $1,328,814.08. Following the sale, 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 sold 961,289 shares of company stock valued at $9,247,847 over the last ninety days. Company insiders own 9.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SOUN shares. Wedbush dropped their target price 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 dropped their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Piper Sandler restated a "neutral" rating and set a $12.00 target price on shares of SoundHound AI in a research report on Monday, July 14th. Finally, DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $10.50.

SoundHound AI Trading Down 8.7%

Shares of SOUN stock traded down $1.11 on Monday, hitting $11.70. 64,206,667 shares of the stock were exchanged, compared to its average volume of 40,331,188. The firm has a market capitalization of $4.70 billion, a P/E ratio of -21.27 and a beta of 2.59. The business has a 50-day moving average of $10.53 and a 200 day moving average of $10.90. SoundHound AI, Inc. has a fifty-two week low of $3.94 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted 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. The company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. SoundHound AI's revenue for the quarter was up 151.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.07) earnings per share. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

SoundHound AI Company 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.