SoundHound AI, Inc. (NASDAQ:SOUN) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. lifted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 35.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 0.08% of SoundHound AI worth $635,508,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Blue Trust Inc. grew its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its stake in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the fourth quarter valued at about $40,000. Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Golden State Wealth Management LLC bought a new position in SoundHound AI during the 4th quarter worth approximately $42,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $8.50 on Monday. The firm’s 50 day moving average is $11.79 and its two-hundred day moving average is $10.61. The firm has a market capitalization of $3.39 billion, a P/E ratio of -23.61 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its 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 net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 138,895 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the completion of the transaction, the chief executive officer now directly owns 1,764,166 shares in the company, valued at $17,782,793.28. This trade represents a 7.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 3,333 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. The trade was a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 over the last ninety days. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Company 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.