UNICOM Systems Inc. Acquires 550,000 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

UNICOM Systems Inc. grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 234.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 785,000 shares of the company's stock after acquiring an additional 550,000 shares during the quarter. SoundHound AI accounts for 1.3% of UNICOM Systems Inc.'s portfolio, making the stock its 14th largest holding. UNICOM Systems Inc. owned approximately 0.20% of SoundHound AI worth $6,374,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SOUN. Yarbrough Capital LLC acquired a new stake in SoundHound AI during the first quarter valued at approximately $1,258,000. Deutsche Bank AG raised its stake in SoundHound AI by 64.2% during the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock worth $5,249,000 after acquiring an additional 103,450 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in SoundHound AI during the 4th quarter valued at about $41,595,000. Bulltick Wealth Management LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth approximately $2,611,000. Finally, 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. Institutional investors and hedge funds own 19.28% of the company's stock.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 117,180 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 value of $1,096,804.80. Following the completion of the sale, the chief operating officer directly owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This trade represents a 8.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 254,376 shares of the company's 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 $2,380,959.36. Following the completion of the transaction, the chief executive officer directly owned 1,749,790 shares in the company, valued at $16,378,034.40. The trade was a 12.69% 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 in the last 90 days. Company insiders own 9.17% of the company's stock.

SoundHound AI Stock Down 1.0%

Shares of SOUN stock traded down $0.12 during trading on Monday, reaching $11.45. The company's stock had a trading volume of 43,741,224 shares, compared to its average volume of 39,733,867. SoundHound AI, Inc. has a one year low of $3.94 and a one year high of $24.98. The business has a fifty day moving average price of $10.26 and a 200-day moving average price of $11.23. The company has a market cap of $4.60 billion, a price-to-earnings ratio of -20.82 and a beta of 2.59.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The company had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. During the same period in the prior year, the business posted ($0.07) EPS. The company's quarterly revenue was up 151.2% on a year-over-year basis. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SOUN. Piper Sandler reiterated a "neutral" rating and set a $12.00 target price on shares of SoundHound AI in a research report on Monday. Wedbush cut their target price 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. HC Wainwright reduced their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, DA Davidson cut their price target 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. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $10.50.

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.