Principal Financial Group Inc. Sells 11,161 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Principal Financial Group Inc. lessened its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 29.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,179 shares of the company’s stock after selling 11,161 shares during the quarter. Principal Financial Group Inc.’s holdings in SoundHound AI were worth $127,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Genesee Capital Advisors LLC increased its position in SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after purchasing an additional 2,000 shares in the last quarter. Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its stake in shares of SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after acquiring an additional 2,320 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of SoundHound AI by 13.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock valued at $82,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Clear Creek Financial Management LLC grew its position in SoundHound AI by 3.8% during the 3rd quarter. Clear Creek Financial Management LLC now owns 74,581 shares of the company’s stock worth $348,000 after acquiring an additional 2,707 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 5.2 %

Shares of NASDAQ SOUN opened at $7.61 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a 50-day moving average price of $5.57 and a 200-day moving average price of $5.05. The stock has a market capitalization of $2.81 billion, a P/E ratio of -21.14 and a beta of 2.71. SoundHound AI, Inc. has a 1 year low of $1.62 and a 1 year high of $10.25.

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

Insider Buying and Selling

In other SoundHound AI news, COO Michael Zagorsek sold 42,001 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. This trade represents a 2.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 337,275 shares of company stock worth $1,811,044. 12.28% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on SOUN. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

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.