Quantbot Technologies LP Invests $57,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

Quantbot Technologies LP bought a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 12,247 shares of the company’s stock, valued at approximately $57,000.

Several other institutional investors and hedge funds also recently bought and sold shares of SOUN. Kings Path Partners LLC bought a new stake in SoundHound AI during the second quarter valued at about $28,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter valued at about $31,000. NBC Securities Inc. boosted its holdings in shares of 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 during the period. Amalgamated Bank raised its stake in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares during the period. Finally, Signaturefd LLC grew its stake in shares of SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SOUN opened at $15.01 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a 1-year low of $1.62 and a 1-year high of $15.10. The company has a 50-day moving average of $6.47 and a 200-day moving average of $5.35. The company has a market capitalization of $5.55 billion, a P/E ratio of -41.69 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the firm earned ($0.09) EPS. The business’s revenue was up 88.7% on a year-over-year basis. Equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 39,728 shares of the company’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 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 approximately $7,614,805.68. This represents a 2.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 535,233 shares of company stock valued at $3,801,260. Company insiders own 12.28% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright upped their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently 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.