Thoroughbred Financial Services LLC Boosts Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Thoroughbred Financial Services LLC raised its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 38.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 113,475 shares of the company's stock after purchasing an additional 31,500 shares during the quarter. Thoroughbred Financial Services LLC's holdings in SoundHound AI were worth $921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of SOUN. Rockefeller Capital Management L.P. bought a new position in SoundHound AI during the fourth quarter valued at $41,595,000. Invesco Ltd. lifted its holdings in shares of SoundHound AI by 1,386.2% in the 4th 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. Driehaus Capital Management LLC bought a new stake in shares of SoundHound AI in the 4th quarter worth about $16,421,000. Capital Fund Management S.A. bought a new stake in shares of SoundHound AI in the 4th quarter worth about $16,092,000. Finally, Science & Technology Partners L.P. bought a new stake in shares of SoundHound AI in the 4th quarter worth about $15,500,000. Institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Down 0.7%

SOUN traded down $0.08 on Thursday, reaching $10.72. 50,090,915 shares of the company traded hands, compared to its average volume of 36,797,464. SoundHound AI, Inc. has a one year low of $4.32 and a one year high of $24.98. The firm has a fifty day simple moving average of $10.69 and a two-hundred day simple moving average of $10.56. The company has a market cap of $4.31 billion, a P/E ratio of -19.49 and a beta of 2.57.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. During the same quarter in the prior year, the business posted ($0.11) EPS. The business's revenue for the quarter was up 216.3% compared to the same quarter last year. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on SOUN. DA Davidson lowered their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Piper Sandler restated a "neutral" rating and issued a $12.00 target price on shares of SoundHound AI in a report on Monday, July 14th. Wedbush lowered their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Five investment 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 company presently has an average rating of "Hold" and a consensus target price of $10.50.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Diana Sroka sold 2,800 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total transaction of $27,832.00. Following the transaction, the director owned 153,949 shares of the company's stock, valued at approximately $1,530,253.06. This trade represents a 1.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 79,530 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $744,400.80. Following the transaction, the insider directly owned 637,560 shares in the company, valued at $5,967,561.60. This trade represents a 11.09% 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 over the last ninety days. 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.