Commonwealth Equity Services LLC Buys 92,449 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Commonwealth Equity Services LLC grew its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 31.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 388,877 shares of the company’s stock after purchasing an additional 92,449 shares during the quarter. Commonwealth Equity Services LLC owned about 0.12% of SoundHound AI worth $1,536,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Ameritas Investment Partners Inc. boosted its position in SoundHound AI by 17.3% during the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after acquiring an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC increased its stake in shares of SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares in the last quarter. Signaturefd LLC boosted its position in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in SoundHound AI by 13.7% in the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock valued at $82,000 after acquiring an additional 2,500 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after buying an additional 2,629 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Friday, August 9th. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average price target of $7.08.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider James Ming Hom sold 16,716 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $67,532.64. Following the sale, 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 legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the sale, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Insiders sold 521,728 shares of company stock worth $2,501,976 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Price Performance

Shares of SoundHound AI stock opened at $4.85 on Friday. The stock has a fifty day moving average price of $4.90 and a 200-day moving average price of $5.02. The firm has a market cap of $1.74 billion, a PE ratio of -12.76 and a beta of 2.74. SoundHound AI, Inc. has a 1 year low of $1.49 and a 1 year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the firm posted ($0.10) EPS. The business’s revenue was up 53.8% on a year-over-year basis. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

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.