Rhumbline Advisers Buys 185,861 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Rhumbline Advisers increased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 106.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 360,167 shares of the company’s stock after acquiring an additional 185,861 shares during the period. Rhumbline Advisers owned about 0.11% of SoundHound AI worth $1,423,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in SoundHound AI by 16.5% in the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after buying an additional 2,629 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of SoundHound AI by 239.7% during the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after purchasing an additional 209,154 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after buying an additional 195,011 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders sold a total of 374,504 shares of company stock worth $1,907,191 over the last quarter. 21.30% of the stock is currently owned by insiders.

SoundHound AI Trading Down 0.8 %

Shares of SOUN opened at $4.97 on Friday. SoundHound AI, Inc. has a 12 month low of $1.49 and a 12 month high of $10.25. The firm has a fifty day simple moving average of $4.89 and a 200 day simple moving average of $4.98. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -13.08 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) 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 analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business’s revenue was up 53.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) EPS. As a group, research analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday. One equities 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 company has an average rating of “Moderate Buy” and a consensus target price of $7.08.

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.