Thoroughbred Financial Services LLC Acquires 52,750 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Thoroughbred Financial Services LLC boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 169.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 83,950 shares of the company’s stock after buying an additional 52,750 shares during the period. Thoroughbred Financial Services LLC’s holdings in SoundHound AI were worth $331,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC grew its holdings in SoundHound AI by 47.7% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after acquiring an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA bought a new stake in SoundHound AI in the 1st quarter worth $6,659,000. Bank of New York Mellon Corp boosted its stake in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Up 0.8 %

Shares of SoundHound AI stock opened at $4.80 on Wednesday. The firm’s 50 day moving average price is $4.92 and its 200-day moving average price is $4.99. SoundHound AI, Inc. has a 52-week low of $1.49 and a 52-week high of $10.25. The company has a market cap of $1.58 billion, a P/E ratio of -12.63 and a beta of 2.74.

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

Insider Buying and Selling

In related news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI 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 completion of the sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $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 in the last three months. Corporate 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 a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Monday, August 12th. Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Finally, Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.08.

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.