McGowan Group Asset Management Inc. Acquires Shares of 37,597 SoundHound AI, Inc. (NASDAQ:SOUN)

McGowan Group Asset Management Inc. bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 37,597 shares of the company's stock, valued at approximately $746,000.

A number of other institutional investors have also recently bought and sold shares of SOUN. Kieckhefer Group LLC acquired a new position in SoundHound AI in the 4th quarter valued at about $3,432,000. Wealth Effects LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $357,000. Kraematon Investment Advisors Inc. bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $355,000. Mitchell Capital Management Co. bought a new position in shares of SoundHound AI in the fourth quarter valued at approximately $2,329,000. Finally, SG Americas Securities LLC boosted its position in SoundHound AI by 70.2% in the fourth quarter. SG Americas Securities LLC now owns 195,028 shares of the company's stock worth $3,869,000 after purchasing an additional 80,448 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SOUN. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. HC Wainwright decreased 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. DA Davidson reduced their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wedbush reduced their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four research 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 has an average rating of "Hold" and an average price target of $10.29.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $11.01 on Tuesday. The company's 50-day moving average price is $8.90 and its two-hundred day moving average price is $11.42. The firm has a market cap of $4.39 billion, a PE ratio of -30.58 and a beta of 2.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 27,714 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the transaction, the chief technology officer now owns 768,867 shares of the company's stock, valued at approximately $7,611,783.30. The trade was a 3.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 138,895 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $1,400,061.60. Following the transaction, the chief executive officer now directly owns 1,764,166 shares in the company, valued at $17,782,793.28. The trade was a 7.30% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. Insiders own 12.28% of the company's stock.

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.

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