Golden State Equity Partners Makes New Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Golden State Equity Partners acquired a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,080 shares of the company’s stock, valued at approximately $458,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Sei Investments Co. acquired a new position in shares of SoundHound AI during the second quarter valued at $43,000. Squarepoint Ops LLC lifted its stake in shares of SoundHound AI by 818.0% during the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after acquiring an additional 205,985 shares during the period. AQR Capital Management LLC lifted its stake in shares of SoundHound AI by 40.2% during the second quarter. AQR Capital Management LLC now owns 29,417 shares of the company’s stock valued at $116,000 after acquiring an additional 8,440 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of SoundHound AI by 101.7% during the second quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company’s stock valued at $419,000 after acquiring an additional 53,490 shares during the period. Finally, Algert Global LLC acquired a new position in shares of SoundHound AI during the second quarter valued at $103,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Up 0.6 %

SOUN stock opened at $14.24 on Tuesday. The stock’s 50 day simple moving average is $15.75 and its 200 day simple moving average is $8.94. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $24.98. 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 company has a market cap of $5.27 billion, a P/E ratio of -39.56 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 88.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) EPS. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

Insider Transactions at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the transaction, the vice president now owns 698,226 shares in the company, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 over the last three months. Company insiders own 12.28% of the company’s stock.

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.