Vanguard Group Inc. Buys 3,028,281 Shares of SoundHound AI, Inc. $SOUN

Vanguard Group Inc. raised its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 9.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,059,943 shares of the company’s stock after acquiring an additional 3,028,281 shares during the quarter. Vanguard Group Inc. owned approximately 8.79% of SoundHound AI worth $284,687,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Carnegie Investment Counsel lifted its holdings in shares of SoundHound AI by 8.9% during the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company’s stock valued at $8,131,000 after acquiring an additional 87,810 shares during the period. Thoroughbred Financial Services LLC lifted its holdings in shares of SoundHound AI by 38.4% during the first quarter. Thoroughbred Financial Services LLC now owns 113,475 shares of the company’s stock valued at $921,000 after acquiring an additional 31,500 shares during the period. Yarbrough Capital LLC bought a new position in shares of SoundHound AI during the first quarter valued at $1,258,000. Deutsche Bank AG raised its holdings 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 buying an additional 103,450 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of SoundHound AI by 308.4% in the first quarter. Victory Capital Management Inc. now owns 163,713 shares of the company’s stock valued at $1,329,000 after buying an additional 123,623 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on SOUN. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and lifted their price target for the company from $9.00 to $16.00 in a report on Monday, August 11th. Wall Street Zen cut SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target for the company in a report on Friday, August 8th. Wedbush lifted their price target on SoundHound AI from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Finally, HC Wainwright cut their price target on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a report on Monday, May 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.36.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 2,981 shares of the business’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total transaction of $28,856.08. Following the completion of the transaction, the chief technology officer directly owned 716,866 shares in the company, valued at approximately $6,939,262.88. The trade was a 0.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of the business’s 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 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. Over the last 90 days, insiders sold 913,317 shares of company stock valued at $8,679,813. 9.17% of the stock is currently owned by insiders.

SoundHound AI Stock Down 5.7%

Shares of SOUN stock opened at $15.59 on Monday. The stock has a 50-day moving average price of $11.37 and a 200 day moving average price of $10.51. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of -24.75 and a beta of 2.57. SoundHound AI, Inc. has a 12 month low of $4.32 and a 12 month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). The firm had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%. SoundHound AI’s revenue for the quarter was up 216.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.11) earnings per share. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

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.