Vontobel Holding Ltd. Acquires New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Vontobel Holding Ltd. acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 71,592 shares of the company’s stock, valued at approximately $581,000.

A number of other hedge funds also recently made changes to their positions in SOUN. Vanguard Group Inc. raised its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after buying an additional 8,402,881 shares during the period. Geode Capital Management LLC increased its stake in SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after purchasing an additional 315,897 shares during the period. Northern Trust Corp increased its stake in SoundHound AI by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after purchasing an additional 264,382 shares during the period. Charles Schwab Investment Management Inc. increased its stake in 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 worth $54,078,000 after purchasing an additional 143,487 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new stake in SoundHound AI in the fourth quarter worth $41,595,000. 19.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other SoundHound AI news, CFO Nitesh Sharan sold 111,111 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,039,998.96. Following the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at $13,505,544. The trade was a 7.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Ming Hom sold 79,530 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the completion of the transaction, the insider owned 637,560 shares in the company, valued at $5,967,561.60. This trade represents a 11.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock valued at $9,247,847 over the last three months. Corporate insiders own 9.17% of the company’s stock.

SoundHound AI Trading Down 1.7%

Shares of SoundHound AI stock opened at $11.06 on Monday. The firm has a market cap of $4.44 billion, a P/E ratio of -20.10 and a beta of 2.59. SoundHound AI, Inc. has a 12 month low of $3.94 and a 12 month high of $24.98. The stock’s fifty day moving average price is $9.98 and its 200-day moving average price is $11.55.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating 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 firm had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. During the same quarter last year, the firm posted ($0.07) earnings per share. The business’s revenue for the quarter was up 151.2% on a year-over-year basis. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SOUN. Wedbush reduced their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Piper Sandler began coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an “overweight” rating and a $12.00 target price on the stock. HC Wainwright reduced their target price on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Finally, DA Davidson reduced their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Four research 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

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.