Vanguard Group Inc. Raises Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Vanguard Group Inc. boosted its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 35.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,031,662 shares of the company’s stock after buying an additional 8,402,881 shares during the quarter. Vanguard Group Inc. owned approximately 8.14% of SoundHound AI worth $635,508,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. State Street Corp lifted its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Geode Capital Management LLC raised its stake in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after purchasing an additional 143,487 shares in the last quarter. LPL Financial LLC boosted its stake in shares of SoundHound AI by 19.1% during the 4th quarter. LPL Financial LLC now owns 1,252,972 shares of the company’s stock worth $24,859,000 after purchasing an additional 200,763 shares during the last quarter. Finally, Carnegie Investment Counsel grew its holdings in shares of SoundHound AI by 9.1% during the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after buying an additional 82,300 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 28,392 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the sale, the vice president now directly owns 669,834 shares in the company, valued at approximately $6,631,356.60. This trade represents a 4.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 28,388 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the transaction, the insider now owns 689,652 shares of the company’s stock, valued at approximately $6,827,554.80. This represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock valued at $4,999,726 over the last three months. 12.28% of the stock is owned by company insiders.

SoundHound AI Stock Down 4.3 %

Shares of NASDAQ:SOUN opened at $8.50 on Monday. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98. The stock has a 50-day simple moving average of $11.79 and a 200-day simple moving average of $10.61. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $3.39 billion, a P/E ratio of -23.61 and a beta of 2.62.

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

Analyst Ratings Changes

SOUN has been the topic of a number of analyst reports. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. 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 note on Tuesday, January 14th. Finally, DA Davidson boosted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Hold” and a consensus price target 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.