PFG Investments LLC Makes New $1.34 Million Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

PFG Investments LLC bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 226,650 shares of the company's stock, valued at approximately $1,335,000. PFG Investments LLC owned approximately 0.07% of SoundHound AI at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Hexagon Capital Partners LLC acquired a new stake in SoundHound AI during the 1st quarter worth $29,000. Wealthcare Advisory Partners LLC purchased a new position in SoundHound AI during the 1st quarter worth $85,000. Sovereign Financial Group Inc. purchased a new position in SoundHound AI during the 1st quarter worth $163,000. Global Assets Advisory LLC purchased a new position in SoundHound AI during the 1st quarter worth $819,000. Finally, Ballew Advisors Inc purchased a new position in SoundHound AI during the 1st quarter worth $59,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SOUN traded up $0.24 during midday trading on Friday, reaching $4.40. 23,139,166 shares of the company's stock were exchanged, compared to its average volume of 26,566,884. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The stock has a market capitalization of $1.36 billion, a PE ratio of -11.28 and a beta of 2.75. The business's 50-day moving average price is $5.49 and its 200 day moving average price is $3.22. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The firm had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business's quarterly revenue was up 80.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.15) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity

In other news, VP Majid Emami sold 17,041 shares of the business's stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $142,633.17. Following the completion of the transaction, the vice president now owns 467,492 shares of the company's stock, valued at $3,912,908.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Keyvan Mohajer sold 107,927 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Majid Emami sold 17,041 shares of the business's stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the completion of the sale, the vice president now owns 467,492 shares of the company's stock, valued at $3,912,908.04. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock valued at $2,587,804 over the last 90 days. Insiders own 21.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 price objective on the stock in a research report on Thursday, April 11th. DA Davidson raised their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the company a "buy" rating in a research note on Friday, March 15th. HC Wainwright raised their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the company a "buy" rating in a research note on Monday, March 4th. Northland Securities reiterated a "market perform" rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, Wedbush lifted their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an "outperform" rating in a research report on Friday, March 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.88.

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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