Shellback Capital LP Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Shellback Capital LP purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 302,900 shares of the company's stock, valued at approximately $1,196,000. Shellback Capital LP owned approximately 0.09% of SoundHound AI at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SOUN. Swiss National Bank raised its stake in SoundHound AI by 13.9% during the 4th quarter. Swiss National Bank now owns 400,500 shares of the company's stock worth $849,000 after acquiring an additional 49,000 shares in the last quarter. Soviero Asset Management LP purchased a new position in SoundHound AI during the 4th quarter worth $106,000. Intrinsic Edge Capital Management LLC grew 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 worth $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Quadrature Capital Ltd grew its position in SoundHound AI by 67.1% during the 4th quarter. Quadrature Capital Ltd now owns 381,557 shares of the company's stock worth $807,000 after purchasing an additional 153,273 shares during the last quarter. Finally, HighPoint Advisor Group LLC purchased a new position in SoundHound AI during the 4th quarter worth $37,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

SOUN stock traded down $0.13 during trading on Friday, reaching $4.78. 13,372,099 shares of the company were exchanged, compared to its average volume of 35,701,637. The company has a market cap of $1.57 billion, a P/E ratio of -12.58 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 $4.84 and its 200 day moving average price is $4.96.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released 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). The company had revenue of $13.46 million for the quarter, compared to analysts' expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm's quarterly revenue was up 53.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) EPS. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several research reports. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Wedbush reissued an "outperform" rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday. Cantor Fitzgerald raised shares of SoundHound AI from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a report on Friday, August 9th. 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 MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $7.08.

Insider Buying and Selling

In related news, CTO Timothy Stonehocker sold 208,000 shares of the business's stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the sale, the chief technology officer now owns 659,531 shares of the company's stock, valued at $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares in the company, valued at $371,670.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares of the company's stock, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 535,275 shares of company stock valued at $2,802,644. Corporate insiders own 21.30% of the company's stock.

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.