FORA Capital LLC Invests $1.70 Million in SoundHound AI, Inc. (NASDAQ:SOUN)

FORA Capital LLC bought a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 85,463 shares of the company's stock, valued at approximately $1,696,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 35.6% in the fourth 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 period. Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock valued at $149,024,000 after purchasing an additional 315,897 shares during the period. Northern Trust Corp raised its holdings in shares of SoundHound AI by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock valued at $57,660,000 after acquiring an additional 264,382 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock valued at $54,078,000 after acquiring an additional 143,487 shares in the last quarter. Finally, Rockefeller Capital Management L.P. bought a new stake in shares of SoundHound AI in the fourth quarter valued at about $41,595,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Price Performance

Shares of SOUN stock traded up $2.03 during trading hours on Monday, reaching $11.01. The company had a trading volume of 91,932,257 shares, compared to its average volume of 37,712,965. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a fifty day moving average of $8.88 and a 200-day moving average of $11.38. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of -30.58 and a beta of 2.71. SoundHound AI, Inc. has a 12-month low of $3.82 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, insider James Ming Hom sold 28,388 shares of the business'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 completion of the transaction, the insider now directly owns 689,652 shares of the company's stock, valued at $6,827,554.80. The trade was a 3.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the transaction, the chief executive officer now owns 1,764,166 shares of the company's stock, valued at $17,782,793.28. This represents a 7.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 in the last ninety days. Company insiders own 12.28% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SOUN shares. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. DA Davidson cut their price objective 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. Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, HC Wainwright dropped their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, SoundHound AI presently has a consensus rating of "Hold" and a consensus price target of $10.29.

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.