Ensign Peak Advisors Inc Acquires 45,246 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Ensign Peak Advisors Inc boosted its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 33.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 178,546 shares of the company’s stock after purchasing an additional 45,246 shares during the quarter. Ensign Peak Advisors Inc’s holdings in SoundHound AI were worth $3,542,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SOUN. Blue Trust Inc. boosted its stake in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC lifted its position in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the period. Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI in the 4th quarter worth approximately $40,000. Golden State Wealth Management LLC bought a new stake in shares of SoundHound AI in the 4th quarter worth approximately $42,000. Finally, BIT Capital GmbH bought a new stake in shares of SoundHound AI in the 4th quarter worth approximately $43,000. Institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 27,714 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the sale, the chief technology officer now directly owns 768,867 shares of the company’s stock, valued at $7,611,783.30. This trade represents a 3.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the sale, the insider now directly owns 689,652 shares of the company’s stock, valued at $6,827,554.80. This represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 548,537 shares of company stock valued at $5,567,760. Corporate insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Wedbush reduced their price objective on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Monday. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, DA Davidson reduced their price objective on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Hold” and an average target price of $10.29.

SoundHound AI Trading Up 4.4%

Shares of SOUN opened at $11.76 on Thursday. SoundHound AI, Inc. has a 1 year low of $3.82 and a 1 year high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $8.98 and a 200-day simple moving average of $11.42. The stock has a market cap of $4.69 billion, a PE ratio of -32.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. During the same period in the prior year, the firm posted ($0.07) EPS. SoundHound AI’s quarterly revenue was up 151.2% compared to the same quarter last year. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal 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.