Whelan Financial Takes $583,000 Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Whelan Financial purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 29,400 shares of the company's stock, valued at approximately $583,000. SoundHound AI makes up about 0.2% of Whelan Financial's holdings, making the stock its 27th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SOUN. Vanguard Group Inc. lifted its stake in SoundHound AI by 35.6% in the 4th 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 in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $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 purchased a new position in SoundHound AI during the fourth quarter worth approximately $16,421,000. Finally, Capital Fund Management S.A. acquired a new position in SoundHound AI during the fourth quarter worth $16,092,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. This represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 44,157 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total value of $529,884.00. Following the completion of the sale, the chief technology officer now owns 723,009 shares in the company, valued at approximately $8,676,108. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 548,537 shares of company stock worth $5,567,760 over the last ninety days. Company insiders own 12.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. HC Wainwright dropped their price objective 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. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, DA Davidson decreased their target price 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. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $10.29.

SoundHound AI Stock Down 8.2%

Shares of SOUN opened at $10.27 on Tuesday. The company's 50-day moving average price is $9.10 and its 200 day moving average price is $11.61. SoundHound AI, Inc. has a 12-month low of $3.82 and a 12-month high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.10 billion, a P/E ratio of -28.53 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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The business had revenue of $29.13 million for 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 business's revenue was up 151.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) EPS. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.