Victory Capital Management Inc. Raises Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Victory Capital Management Inc. lifted its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 230.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 120,812 shares of the company’s stock after buying an additional 84,301 shares during the quarter. Victory Capital Management Inc.’s holdings in SoundHound AI were worth $563,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of SoundHound AI by 124.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 73,112 shares of the company’s stock valued at $431,000 after purchasing an additional 40,495 shares during the period. Bayesian Capital Management LP purchased a new position in shares of SoundHound AI during the 1st quarter valued at $162,000. Janus Henderson Group PLC boosted its holdings in SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares during the period. Finally, Strategic Wealth Partners Ltd. purchased a new stake in SoundHound AI in the 1st quarter worth $73,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SoundHound AI stock opened at $7.88 on Friday. SoundHound AI, Inc. has a 52-week low of $1.62 and a 52-week high of $10.25. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm’s fifty day moving average is $5.69 and its 200 day moving average is $5.09. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -21.89 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.09) EPS. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SOUN shares. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. HC Wainwright boosted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

Insider Activity

In related news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This represents a 3.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This represents a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 337,275 shares of company stock valued at $1,811,044 in the last ninety days. Insiders own 12.28% of the company’s stock.

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.