Raymond James Financial Inc. Invests $6.83 Million in SoundHound AI, Inc. (NASDAQ:SOUN)

Raymond James Financial Inc. acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, HoldingsChannel reports. The fund acquired 344,243 shares of the company’s stock, valued at approximately $6,830,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Arizona State Retirement System increased its holdings in shares of SoundHound AI by 16.6% during the 4th quarter. Arizona State Retirement System now owns 94,551 shares of the company’s stock worth $1,876,000 after buying an additional 13,463 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after buying an additional 143,487 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in SoundHound AI in the 4th quarter valued at $1,826,000. Jones Financial Companies Lllp increased its holdings in SoundHound AI by 52.0% in the 4th quarter. Jones Financial Companies Lllp now owns 94,278 shares of the company’s stock valued at $1,870,000 after purchasing an additional 32,264 shares in the last quarter. Finally, Keynote Financial Services LLC increased its holdings in SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after purchasing an additional 752 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $9.86 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The company’s 50-day simple moving average is $12.19 and its 200-day simple moving average is $10.44. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of -27.39 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SOUN shares. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. DA Davidson increased their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.86.

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.