Hexagon Capital Partners LLC Acquires Shares of 5,000 SoundHound AI, Inc. (NASDAQ:SOUN)

Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the company’s stock, valued at approximately $29,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Independent Advisor Alliance purchased a new position in SoundHound AI during the 4th quarter valued at about $28,000. IAM Advisory LLC bought a new stake in SoundHound AI during the 4th quarter worth approximately $29,000. HighPoint Advisor Group LLC purchased a new stake in SoundHound AI in the 4th quarter worth approximately $37,000. Great Valley Advisor Group Inc. bought a new position in SoundHound AI in the 4th quarter valued at $42,000. Finally, Ballew Advisors Inc purchased a new position in shares of SoundHound AI during the 1st quarter valued at $59,000. 19.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SOUN. DA Davidson upped their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Monday, May 13th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Friday, May 10th. Finally, 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 report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 67,994 shares of the 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 $274,695.76. Following the completion of the sale, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other SoundHound AI news, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the transaction, the chief technology officer now owns 883,570 shares of the company’s stock, valued at $4,417,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 67,994 shares of SoundHound AI stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $274,695.76. Following the completion of the transaction, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at approximately $4,322,141.48. The disclosure for this sale can be found here. Insiders have sold a total of 417,728 shares of company stock valued at $1,815,476 over the last quarter. 21.30% of the stock is owned by corporate insiders.

SoundHound AI Stock Performance

SoundHound AI stock opened at $3.89 on Tuesday. SoundHound AI, Inc. has a one year low of $1.49 and a one year high of $10.25. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. The stock has a fifty day moving average of $4.64 and a 200 day moving average of $4.11.

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

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.