Victory Capital Management Inc. Purchases 84,301 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Victory Capital Management Inc. lifted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 230.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 120,812 shares of the company’s stock after acquiring an additional 84,301 shares during the period. Victory Capital Management Inc.’s holdings in SoundHound AI were worth $563,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SOUN. Vanguard Group Inc. raised its holdings in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Carnegie Investment Counsel purchased a new position in SoundHound AI during the 3rd quarter valued at about $4,193,000. Janus Henderson Group PLC boosted its stake in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in SoundHound AI by 31.2% in the second quarter. Commonwealth Equity Services LLC now owns 388,877 shares of the company’s stock worth $1,536,000 after purchasing an additional 92,449 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

SOUN opened at $7.88 on Friday. The company’s 50-day simple moving average is $5.69 and its two-hundred day simple moving average is $5.09. 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 $2.91 billion, a P/E ratio of -21.89 and a beta of 2.71. SoundHound AI, Inc. has a 52-week low of $1.62 and a 52-week high of $10.25.

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

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This represents a 1.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eric R. Ball sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the transaction, the director now directly owns 110,907 shares in the company, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 337,275 shares of company stock worth $1,811,044 in the last ninety days. Insiders own 12.28% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on SOUN. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright increased their target price on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $7.64.

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.