Arizona State Retirement System Has $120,000 Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Arizona State Retirement System raised its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 24.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,809 shares of the company’s stock after purchasing an additional 11,283 shares during the quarter. Arizona State Retirement System’s holdings in SoundHound AI were worth $120,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Meridian Wealth Management LLC purchased a new stake in SoundHound AI in the 3rd quarter valued at $140,000. Simplicity Solutions LLC purchased a new stake in shares of SoundHound AI in the third quarter valued at about $71,000. Commonwealth Equity Services LLC raised its holdings in shares of SoundHound AI by 30.0% in the third quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock valued at $146,000 after purchasing an additional 16,801 shares during the last quarter. Raymond James & Associates lifted its position in shares of SoundHound AI by 221.1% during the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in SoundHound AI by 9.4% during the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock worth $1,034,000 after purchasing an additional 44,028 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. Wedbush boosted their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. DA Davidson upped their price objective on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. LADENBURG THALM/SH SH assumed coverage on SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price on the stock. Finally, HC Wainwright increased their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $6.88.

Insider Activity at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 17,041 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total transaction of $142,633.17. Following the sale, the vice president now owns 467,492 shares in the company, valued at $3,912,908.04. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Majid Emami sold 17,041 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total transaction of $142,633.17. Following the sale, the vice president now directly owns 467,492 shares in the company, valued at $3,912,908.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Eric R. Ball sold 50,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the sale, the director now directly owns 530,250 shares in the company, valued at $2,651,250. The disclosure for this sale can be found here. In the last ninety days, insiders sold 405,057 shares of company stock worth $2,587,804. Corporate insiders own 21.30% of the company’s stock.

SoundHound AI Stock Up 6.5 %

Shares of NASDAQ SOUN opened at $3.78 on Tuesday. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The stock has a market capitalization of $1.17 billion, a PE ratio of -9.69 and a beta of 2.75. SoundHound AI, Inc. has a one year low of $1.49 and a one year high of $10.25. The business’s fifty day moving average price is $5.39 and its 200-day moving average price is $3.17.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. During the same period last year, the company earned ($0.15) earnings per share. SoundHound AI’s revenue for the quarter was up 80.0% compared to the same quarter last year. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.3 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.