Sovereign Financial Group Inc. Acquires Shares of 27,717 SoundHound AI, Inc. (NASDAQ:SOUN)

Sovereign Financial Group Inc. bought a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 27,717 shares of the company’s stock, valued at approximately $163,000.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its stake in shares of SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after acquiring an additional 1,566,238 shares during the period. Swiss National Bank lifted its holdings in shares of SoundHound AI by 13.9% in the 4th quarter. Swiss National Bank now owns 400,500 shares of the company’s stock worth $849,000 after acquiring an additional 49,000 shares during the last quarter. Quadrature Capital Ltd boosted its stake in shares of SoundHound AI by 67.1% during the 4th quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock worth $807,000 after purchasing an additional 153,273 shares during the period. Finally, Global Assets Advisory LLC bought a new position in SoundHound AI during the 1st quarter valued at about $819,000. Institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $64,797.56. Following the completion of the transaction, the chief technology officer now directly owns 867,531 shares in the company, valued at $3,504,825.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the sale, the insider now owns 486,989 shares in the company, valued at $1,967,435.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 417,728 shares of company stock valued at $1,815,476. Company insiders own 21.30% of the company’s stock.

SoundHound AI Trading Up 1.5 %

Shares of NASDAQ SOUN opened at $3.98 on Thursday. SoundHound AI, Inc. has a twelve month low of $1.49 and a twelve month high of $10.25. The firm has a market cap of $1.31 billion, a PE ratio of -10.47 and a beta of 2.87. The business has a fifty day simple moving average of $4.63 and a two-hundred day simple moving average of $4.06. The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. During the same period in the previous year, the company posted ($0.12) earnings per share. The firm’s quarterly revenue was up 72.9% on a year-over-year basis. Analysts expect that SoundHound AI, Inc. will post -0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SOUN has been the subject of several analyst reports. DA Davidson raised their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Friday, May 10th. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a research report on Thursday, April 11th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Monday, May 13th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $6.88.

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.