Nisa Investment Advisors LLC Sells 22,094 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Nisa Investment Advisors LLC lowered its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 34.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 42,514 shares of the company’s stock after selling 22,094 shares during the period. Nisa Investment Advisors LLC’s holdings in SoundHound AI were worth $345,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SOUN. Yarbrough Capital LLC bought a new stake in SoundHound AI in the 1st quarter worth $1,258,000. Deutsche Bank AG grew its holdings in SoundHound AI by 64.2% in the 4th quarter. Deutsche Bank AG now owns 264,559 shares of the company’s stock worth $5,249,000 after acquiring an additional 103,450 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI in the 4th quarter worth $41,595,000. Bulltick Wealth Management LLC bought a new stake in SoundHound AI in the 4th quarter worth $2,611,000. Finally, Vanguard Group Inc. grew its holdings in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

SOUN opened at $11.78 on Thursday. The firm has a market cap of $4.73 billion, a P/E ratio of -21.42 and a beta of 2.59. SoundHound AI, Inc. has a 1-year low of $3.94 and a 1-year high of $24.98. The company has a 50 day simple moving average of $10.40 and a two-hundred day simple moving average of $11.14.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same period in the prior year, the business posted ($0.07) earnings per share. The company’s revenue was up 151.2% on a year-over-year basis. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Diana Sroka sold 2,800 shares of the company’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total value of $27,832.00. Following the transaction, the director directly owned 153,949 shares in the company, valued at approximately $1,530,253.06. This represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 111,111 shares of the company’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the completion of the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at approximately $13,505,544. The trade was a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SOUN shares. Wedbush cut their target price on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 target price on shares of SoundHound AI in a research note on Monday. DA Davidson cut their target price on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, HC Wainwright cut their target price on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Hold” and an average price target of $10.50.

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.