Liontrust Investment Partners LLP Invests $1.64 Million in SoundHound AI, Inc. (NASDAQ:SOUN)

Liontrust Investment Partners LLP purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the first quarter, HoldingsChannel reports. The firm purchased 201,835 shares of the company’s stock, valued at approximately $1,639,000.

A number of other hedge funds have also modified their holdings of SOUN. Orion Capital Management LLC purchased a new position in shares of SoundHound AI during the 4th quarter worth $30,000. Golden State Wealth Management LLC grew its holdings in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock worth $34,000 after purchasing an additional 2,115 shares during the period. Larson Financial Group LLC grew its holdings in shares of SoundHound AI by 72.7% during the 1st quarter. Larson Financial Group LLC now owns 7,027 shares of the company’s stock worth $57,000 after purchasing an additional 2,959 shares during the period. Harbor Investment Advisory LLC lifted its stake in SoundHound AI by 387.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company’s stock worth $61,000 after acquiring an additional 6,000 shares in the last quarter. Finally, NBC Securities Inc. lifted its stake in SoundHound AI by 127,900.0% during the 1st quarter. NBC Securities Inc. now owns 7,680 shares of the company’s stock worth $62,000 after acquiring an additional 7,674 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 60,295 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total value of $602,950.00. Following the sale, the vice president owned 477,657 shares of the company’s stock, valued at $4,776,570. This trade represents a 11.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares in the company, valued at $13,505,544. This represents a 7.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 913,317 shares of company stock worth $8,679,813 over the last ninety days. Company insiders own 9.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SOUN. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and increased their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. Piper Sandler reissued a “neutral” rating and set a $12.00 target price on shares of SoundHound AI in a research note on Monday, July 14th. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price on the stock in a research note on Friday, August 8th. Wedbush increased their target price on SoundHound AI from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Finally, Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.36.

SoundHound AI Price Performance

SOUN stock opened at $15.59 on Friday. The firm has a market capitalization of $6.26 billion, a P/E ratio of -24.75 and a beta of 2.57. The business’s 50-day moving average is $11.37 and its two-hundred day moving average is $10.56. SoundHound AI, Inc. has a 1 year low of $4.32 and a 1 year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). The company had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. SoundHound AI’s revenue for the quarter was up 216.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.11) EPS. On average, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

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.