SoundHound AI, Inc. (NASDAQ:SOUN) Holdings Raised by Bank of America Corp DE

Bank of America Corp DE increased its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 32.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 803,982 shares of the company’s stock after purchasing an additional 195,795 shares during the quarter. Bank of America Corp DE owned approximately 0.20% of SoundHound AI worth $15,951,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC lifted its position in SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after buying an additional 315,897 shares in the last quarter. Northern Trust Corp boosted its stake in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after buying an additional 264,382 shares during the period. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $54,078,000 after buying an additional 143,487 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of SoundHound AI during the 4th quarter valued at $41,595,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 3,815 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $10.00, for a total transaction of $38,150.00. Following the completion of the transaction, the insider now directly owns 637,090 shares in the company, valued at approximately $6,370,900. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 138,895 shares of the 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 $1,400,061.60. Following the transaction, the chief executive officer now owns 1,764,166 shares in the company, valued at $17,782,793.28. The trade was a 7.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 548,537 shares of company stock valued at $5,567,760. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Price Performance

SOUN stock opened at $9.97 on Wednesday. The stock has a 50-day moving average price of $9.12 and a two-hundred day moving average price of $11.60. SoundHound AI, Inc. has a 1 year low of $3.82 and a 1 year high of $24.98. The stock has a market cap of $4.01 billion, a PE ratio of -27.69 and a beta of 2.71. 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 (NASDAQ:SOUN) last released its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm’s revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.07) earnings per share. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. HC Wainwright decreased their target price on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Finally, DA Davidson decreased their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.29.

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.