Mirae Asset Global Investments Co. Ltd. Has $491,000 Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Mirae Asset Global Investments Co. Ltd. grew its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 72.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,775 shares of the company’s stock after purchasing an additional 24,362 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in SoundHound AI were worth $491,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Yarbrough Capital LLC bought a new stake in SoundHound AI in the 1st quarter valued at $1,258,000. Deutsche Bank AG boosted its position in shares of SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company’s stock valued at $5,249,000 after acquiring an additional 103,450 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after acquiring an additional 143,487 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in SoundHound AI during the fourth quarter worth about $41,595,000. Finally, Bulltick Wealth Management LLC bought a new position in SoundHound AI during the fourth quarter worth about $2,611,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SOUN shares. HC Wainwright decreased their target price on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Wedbush reduced their price target on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. DA Davidson dropped their price objective on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Piper Sandler started coverage on SoundHound AI in a research report on Tuesday, May 27th. They set an “overweight” rating and a $12.00 target price for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.50.

SoundHound AI Price Performance

NASDAQ SOUN opened at $11.06 on Friday. The business has a fifty day moving average price of $9.98 and a two-hundred day moving average price of $11.60. The stock has a market capitalization of $4.44 billion, a PE ratio of -20.10 and a beta of 2.59. SoundHound AI, Inc. has a fifty-two week low of $3.94 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. During the same period in the prior year, the company earned ($0.07) EPS. SoundHound AI’s revenue for the quarter was up 151.2% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 117,180 shares of the business’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the sale, the chief operating officer owned 1,346,455 shares of the company’s stock, valued at approximately $12,602,818.80. The trade was a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,039,998.96. Following the completion of the transaction, the chief financial officer owned 1,442,900 shares of the company’s stock, valued at $13,505,544. The trade was a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 961,289 shares of company stock worth $9,247,847 over the last 90 days. 9.17% of the stock is owned by corporate insiders.

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.