International Assets Investment Management LLC Buys 72,252 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

International Assets Investment Management LLC grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 914.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,152 shares of the company’s stock after buying an additional 72,252 shares during the period. International Assets Investment Management LLC’s holdings in SoundHound AI were worth $374,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new position in SoundHound AI during the third quarter worth about $4,193,000. Vanguard Group Inc. boosted its holdings in 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 buying an additional 2,226,471 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 buying an additional 479,912 shares during the last quarter. SG Americas Securities LLC boosted its holdings in 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. Finally, Concurrent Investment Advisors LLC bought a new position in SoundHound AI during the first quarter worth about $199,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $5.69 on Thursday. The business’s 50 day simple moving average is $4.96 and its 200 day simple moving average is $4.81. SoundHound AI, Inc. has a 52-week low of $1.61 and a 52-week high of $10.25. The firm has a market cap of $2.04 billion, a PE ratio of -14.00 and a beta of 2.71.

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 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 analyst estimates of $13.09 million. During the same period in the prior year, the business posted ($0.10) EPS. The firm’s quarterly revenue was up 53.8% compared to the same quarter last year. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the business’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 transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares in the company, valued at $371,670.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is owned by 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.