9,400 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Purchased by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,400 shares of the company’s stock, valued at approximately $55,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SOUN. Vanguard Group Inc. increased its position in SoundHound AI by 18.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after purchasing an additional 2,064,340 shares in the last quarter. Intrinsic Edge Capital Management LLC increased its position in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after purchasing an additional 1,566,238 shares in the last quarter. Raymond James & Associates increased its position in SoundHound AI by 221.1% during the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock worth $1,976,000 after purchasing an additional 676,799 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in SoundHound AI during the 3rd quarter worth about $457,000. Finally, PFG Investments LLC purchased a new stake in SoundHound AI during the 1st quarter worth about $1,335,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 31,665 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at approximately $6,918,012.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $5.00, for a total value of $250,000.00. Following the transaction, the director now directly owns 530,250 shares of the company’s stock, valued at approximately $2,651,250. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 31,665 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the completion of the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at $6,918,012.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 290,515 shares of company stock valued at $2,164,925. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Trading Down 1.0 %

Shares of NASDAQ SOUN traded down $0.05 during midday trading on Wednesday, hitting $5.07. The stock had a trading volume of 22,036,651 shares, compared to its average volume of 48,680,551. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -13.34 and a beta of 2.87. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25. The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56. The company has a fifty day moving average price of $5.26 and a 200 day moving average price of $3.63.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $11.59 million for the quarter, compared to analyst estimates of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company’s revenue was up 72.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.12) EPS. On average, analysts predict that SoundHound AI, Inc. will post -0.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Monday, May 13th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. DA Davidson lifted their price target on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target for the company. Finally, Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI 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.