Intech Investment Management LLC Buys New Shares in SoundHound AI, Inc. (NASDAQ:SOUN)

Intech Investment Management LLC bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 65,355 shares of the company’s stock, valued at approximately $305,000.

A number of other large investors also recently modified their holdings of the company. Kings Path Partners LLC purchased a new stake in SoundHound AI in the 2nd quarter worth $28,000. NBC Securities Inc. lifted its stake in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in SoundHound AI in the 2nd quarter worth $31,000. Farther Finance Advisors LLC lifted its stake in SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. The trade was a 1.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. This trade represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 431,342 shares of company stock worth $2,662,350. 12.28% of the stock is currently owned by insiders.

SoundHound AI Stock Up 14.3 %

SOUN stock opened at $10.15 on Thursday. The firm has a market cap of $3.75 billion, a PE ratio of -27.36 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm’s fifty day moving average is $6.00 and its 200 day moving average is $5.19. SoundHound AI, Inc. has a one year low of $1.62 and a one year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm posted ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald upgraded shares of 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. HC Wainwright upped their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Northland Securities upped their price target on shares of 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 reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Finally, Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $7.64.

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.