Amalgamated Bank Raises Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Amalgamated Bank boosted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 108.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,819 shares of the company’s stock after acquiring an additional 5,099 shares during the period. Amalgamated Bank’s holdings in SoundHound AI were worth $39,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of SOUN. Vanguard Group Inc. lifted its holdings in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC increased its position in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA purchased a new stake in SoundHound AI in the first quarter valued at about $6,659,000. Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SoundHound AI

In other news, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the transaction, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on 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. Over the last quarter, insiders sold 535,275 shares of company stock valued at $2,802,644. Corporate insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Down 2.1 %

Shares of SOUN opened at $4.56 on Wednesday. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -12.00 and a beta of 2.74. SoundHound AI, Inc. has a 52 week low of $1.49 and a 52 week high of $10.25. The stock’s 50-day moving average price is $4.82 and its 200-day moving average price is $4.86.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same period in the previous year, the business earned ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

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.