Sanctuary Advisors LLC Invests $104,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

Sanctuary Advisors LLC purchased a new stake in 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 fund purchased 26,334 shares of the company’s stock, valued at approximately $104,000.

Other institutional investors also recently modified their holdings of the company. Truist Financial Corp raised its holdings in SoundHound AI by 432.9% during the 2nd quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock valued at $382,000 after acquiring an additional 125,785 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in shares of SoundHound AI during the 2nd quarter valued at $113,000. Algert Global LLC purchased a new stake in SoundHound AI during the 2nd quarter worth about $103,000. Shellback Capital LP bought a new position in SoundHound AI in the 2nd quarter worth about $1,196,000. Finally, The Manufacturers Life Insurance Company grew its holdings in SoundHound AI by 101.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company’s stock valued at $419,000 after buying an additional 53,490 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 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 transaction of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. 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 can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the business’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 of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 327,275 shares of company stock valued at $1,606,644. Corporate insiders own 21.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of recent analyst reports. 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 report on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald upgraded shares of 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, DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $5.39 on Tuesday. The company’s fifty day moving average price is $4.88 and its 200-day moving average price is $4.74. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -14.18 and a beta of 2.73. SoundHound AI, Inc. has a one year low of $1.49 and a one year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last released its 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). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the company earned ($0.10) EPS. The firm’s revenue was up 53.8% compared to the same quarter last year. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

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.