PFG Investments LLC Sells 137,030 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

PFG Investments LLC lowered its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 60.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 89,620 shares of the company’s stock after selling 137,030 shares during the quarter. PFG Investments LLC’s holdings in SoundHound AI were worth $354,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Principal Financial Group Inc. raised its stake in SoundHound AI by 16.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares in the last quarter. Vanguard Group Inc. raised its position in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares during the period. SG Americas Securities LLC grew its position in SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after buying an additional 195,011 shares in the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in SoundHound AI during the 1st quarter worth $199,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the sale, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was 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 disclosure for this sale can be found here. Insiders sold a total of 521,728 shares of company stock valued at $2,501,976 in the last 90 days. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Price Performance

SOUN stock opened at $4.87 on Friday. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -12.82 and a beta of 2.75. The company has a 50 day simple moving average of $4.89 and a 200 day simple moving average of $5.04. SoundHound AI, Inc. has a 1 year low of $1.49 and a 1 year high of $10.25.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SOUN. Northland Securities increased their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Monday, August 12th. Finally, Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $7.08.

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.