Teacher Retirement System of Texas Purchases Shares of 49,166 SoundHound AI, Inc. (NASDAQ:SOUN)

Teacher Retirement System of Texas bought a new position in SoundHound AI, Inc. (NASDAQ:SOUN) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 49,166 shares of the company’s stock, valued at approximately $399,000.

A number of other large investors also recently bought and sold shares of the business. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC raised its stake in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock valued at $34,000 after buying an additional 2,115 shares in the last quarter. BIT Capital GmbH acquired a new stake in shares of SoundHound AI during the fourth quarter worth about $43,000. Harbor Investment Advisory LLC increased its position in shares of SoundHound AI by 387.1% during the first quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company’s stock worth $61,000 after purchasing an additional 6,000 shares in the last quarter. Finally, NBC Securities Inc. grew its holdings in shares of SoundHound AI by 127,900.0% during the first quarter. NBC Securities Inc. now owns 7,680 shares of the company’s stock worth $62,000 after buying an additional 7,674 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Buying and Selling

In other SoundHound AI news, COO Michael Zagorsek sold 117,180 shares of the business’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 $1,096,804.80. Following the completion of the sale, the chief operating officer directly owned 1,346,455 shares in the company, valued at $12,602,818.80. The trade was a 8.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Majid Emami sold 132,352 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total value of $1,328,814.08. Following the completion of the transaction, the vice president directly owned 537,482 shares in the company, valued at approximately $5,396,319.28. This represents a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 961,289 shares of company stock valued at $9,247,847 in the last 90 days. 9.17% of the stock is owned by company insiders.

SoundHound AI Stock Up 7.3%

SOUN stock opened at $12.64 on Friday. SoundHound AI, Inc. has a 12 month low of $3.94 and a 12 month high of $24.98. The firm has a market cap of $5.08 billion, a P/E ratio of -22.98 and a beta of 2.59. The company’s 50-day moving average price is $10.46 and its two-hundred day moving average price is $11.08.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on SOUN. Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. HC Wainwright decreased their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 price target on shares of SoundHound AI in a research report on Monday. Finally, DA Davidson dropped their price objective 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. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has an average 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.