AQR Capital Management LLC Acquires 8,440 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

AQR Capital Management LLC raised its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 40.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,417 shares of the company’s stock after purchasing an additional 8,440 shares during the quarter. AQR Capital Management LLC’s holdings in SoundHound AI were worth $116,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SOUN. Vanguard Group Inc. raised its position in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the period. Baupost Group LLC MA purchased a new position in shares of SoundHound AI during the first quarter worth approximately $6,659,000. Bank of New York Mellon Corp increased its position in shares of 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 acquiring an additional 479,912 shares during the period. Janus Henderson Group PLC increased its position in shares of SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the period. Finally, Aristides Capital LLC purchased a new position in shares of SoundHound AI during the first quarter worth approximately $1,765,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction on Tuesday, August 20th. The shares were 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 directly owns 74,038 shares in the company, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The trade was a 0.00 % decrease in their ownership of the stock. 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 three months. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Stock Up 5.2 %

Shares of SOUN stock opened at $5.50 on Friday. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -14.47 and a beta of 2.73. The company’s 50 day moving average is $4.88 and its 200 day moving average is $4.74. SoundHound AI, Inc. has a 52-week low of $1.49 and a 52-week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI’s revenue was up 53.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.10) earnings per share. Analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

SoundHound AI Company 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.