Sei Investments Co. Invests $43,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

Sei Investments Co. acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,910 shares of the company’s stock, valued at approximately $43,000.

A number of other institutional investors have also recently added to or reduced their stakes in SOUN. MRP Capital Investments LLC bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $203,000. Hsbc Holdings PLC boosted its position in SoundHound AI by 928.9% during the 2nd quarter. Hsbc Holdings PLC now owns 155,975 shares of the company’s stock worth $613,000 after acquiring an additional 140,815 shares during the period. Amalgamated Bank boosted its position in SoundHound AI by 108.0% during the 2nd 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 period. Thoroughbred Financial Services LLC grew its stake in shares of SoundHound AI by 169.1% in the second quarter. Thoroughbred Financial Services LLC now owns 83,950 shares of the company’s stock worth $331,000 after purchasing an additional 52,750 shares in the last quarter. Finally, Choreo LLC acquired a new position in shares of SoundHound AI during the second quarter valued at $49,000. 19.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

SoundHound AI Stock 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’s fifty day moving average is $4.81 and its two-hundred day moving average is $4.75. The stock has a market capitalization of $1.62 billion, a P/E ratio of -12.92 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results 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). 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 for the quarter, compared to analyst estimates of $13.09 million. During the same period last year, the firm earned ($0.10) earnings per share. The firm’s revenue for the quarter was up 53.8% on a year-over-year basis. On average, research analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock worth $1,606,644 over the last ninety days. 21.30% of the stock is currently owned by company insiders.

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.