26,119 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Acquired by Algert Global LLC

Algert Global LLC bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 26,119 shares of the company’s stock, valued at approximately $103,000.

Several other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of SoundHound AI by 16.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of SoundHound AI by 16.1% in the first 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. Commonwealth Equity Services LLC lifted its position in shares of SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares in the last quarter. Bank of New York Mellon Corp grew 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 acquiring an additional 479,912 shares during the period. Finally, SG Americas Securities LLC raised its stake in SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after acquiring an additional 195,011 shares during the period. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SOUN. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Northland Securities raised their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. DA Davidson restated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.08.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the transaction, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Price Performance

NASDAQ SOUN opened at $4.91 on Friday. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25. The business has a 50 day simple moving average of $4.81 and a two-hundred day simple moving average of $4.76. The stock has a market capitalization of $1.62 billion, a PE ratio of -12.92 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last released 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 net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the business earned ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. On average, analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

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.