Thoroughbred Financial Services LLC Increases Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. Orion Capital Management LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $30,000. Golden State Wealth Management LLC boosted its stake in SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after acquiring an additional 2,115 shares in the last quarter. Larson Financial Group LLC boosted its stake in SoundHound AI by 72.7% during the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company's stock worth $57,000 after acquiring an additional 2,959 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake in SoundHound AI by 387.1% during the first quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company's stock worth $61,000 after acquiring an additional 6,000 shares in the last quarter. Finally, NBC Securities Inc. boosted its stake in SoundHound AI by 127,900.0% during the first quarter. NBC Securities Inc. now owns 7,680 shares of the company's stock worth $62,000 after acquiring an additional 7,674 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 79,530 shares of SoundHound AI stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the completion of the sale, the insider owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. The trade was a 11.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of SoundHound AI stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. This trade represents a 7.15% 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 in the last 90 days. Insiders own 9.17% of the company's stock.

Analysts Set New Price Targets

SOUN has been the topic of several research reports. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday. Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Piper Sandler reissued a "neutral" rating and set a $12.00 price objective on shares of SoundHound AI in a research note on Monday, July 14th. Finally, HC Wainwright dropped their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $12.07.

SoundHound AI Stock Up 26.4%

Shares of NASDAQ SOUN traded up $2.83 during midday trading on Friday, hitting $13.55. The stock had a trading volume of 206,161,228 shares, compared to its average volume of 36,324,236. The business's 50 day moving average is $10.76 and its 200-day moving average is $10.49. The company has a market cap of $5.44 billion, a P/E ratio of -21.51 and a beta of 2.57. SoundHound AI, Inc. has a 52 week low of $4.32 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued 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 171.81% and a negative return on equity of 77.38%. The company had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. During the same quarter last year, the company earned ($0.11) EPS. The firm's revenue for the quarter was up 216.3% on a year-over-year basis. As a group, analysts expect 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.