Hsbc Holdings PLC Buys 140,815 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Hsbc Holdings PLC boosted its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 928.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,975 shares of the company’s stock after acquiring an additional 140,815 shares during the period. Hsbc Holdings PLC’s holdings in SoundHound AI were worth $613,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its stake in shares of SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after purchasing an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC lifted its holdings in SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after buying an additional 2,000 shares during the period. Signaturefd LLC boosted its position in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after acquiring an additional 2,200 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in SoundHound AI by 13.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after acquiring an additional 2,500 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of 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 acquiring an additional 2,629 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SOUN shares. Northland Securities upped their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald upgraded 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 research note on Friday, August 9th. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday. Finally, Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Down 2.5 %

NASDAQ SOUN opened at $4.66 on Tuesday. The company has a market cap of $1.53 billion, a P/E ratio of -12.26 and a beta of 2.74. The company has a fifty day simple moving average of $4.83 and a 200 day simple moving average of $4.89. SoundHound AI, Inc. has a 12-month low of $1.49 and a 12-month high of $10.25.

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

Insiders Place Their Bets

In other news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at $5,071,266.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Timothy Stonehocker sold 20,337 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 $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares in the company, valued at $5,071,266.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares in the company, valued at $371,670.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 535,275 shares of company stock valued at $2,802,644. Corporate insiders own 21.30% of the company’s stock.

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.