MRP Capital Investments LLC Invests $203,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

MRP Capital Investments LLC acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 51,500 shares of the company’s stock, valued at approximately $203,000.

A number of other hedge funds have also recently bought and sold shares of the company. Hexagon Capital Partners LLC purchased a new stake in shares of SoundHound AI in the first quarter valued at $29,000. DecisionPoint Financial LLC purchased a new stake in SoundHound AI in the 1st quarter valued at about $40,000. Kings Path Partners LLC acquired a new position in shares of SoundHound AI during the 2nd quarter valued at about $28,000. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI during the 2nd quarter worth about $31,000. Finally, Amalgamated Bank boosted its position in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $4.85 on Thursday. The business’s 50-day moving average is $4.92 and its two-hundred day moving average is $4.99. The firm has a market capitalization of $1.60 billion, a PE ratio of -12.76 and a beta of 2.74. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results 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 net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. During the same quarter in the previous year, the business posted ($0.10) earnings per share. The business’s quarterly revenue was up 53.8% compared to the same quarter last year. Equities analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SOUN shares. Northland Securities increased 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 note on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Friday, August 9th. 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

Insider Activity

In related news, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the sale, the chief executive officer now owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares in the company, valued at approximately $371,670.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The disclosure for this sale can be found here. Over the last three months, insiders sold 374,504 shares of company stock worth $1,907,191. 21.30% of the stock is currently owned by company insiders.

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.