Ensign Peak Advisors Inc Has $3.54 Million Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Ensign Peak Advisors Inc lifted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 33.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 178,546 shares of the company's stock after purchasing an additional 45,246 shares during the period. Ensign Peak Advisors Inc's holdings in SoundHound AI were worth $3,542,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SOUN. Vanguard Group Inc. raised its position in shares of SoundHound AI by 35.6% during 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 during the period. Rockefeller Capital Management L.P. acquired a new position in SoundHound AI during the fourth quarter valued at $41,595,000. Invesco Ltd. raised its position in SoundHound AI by 1,386.2% during the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after buying an additional 1,289,360 shares during the period. Driehaus Capital Management LLC acquired a new position in SoundHound AI during the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. acquired a new position in SoundHound AI during the fourth quarter valued at $16,092,000. 19.28% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 27,714 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the sale, the chief technology officer now owns 768,867 shares in the company, valued at approximately $7,611,783.30. This represents a 3.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the sale, the director now owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This trade represents a 2.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 548,537 shares of company stock worth $5,567,760. 12.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. DA Davidson dropped their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wedbush dropped 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. HC Wainwright dropped their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, SoundHound AI presently has an average rating of "Hold" and a consensus price target of $10.29.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $11.76 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI, Inc. has a fifty-two week low of $3.82 and a fifty-two week high of $24.98. The stock's 50-day moving average is $8.98 and its two-hundred day moving average is $11.42. The firm has a market cap of $4.69 billion, a P/E ratio of -32.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results 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 55.58% and a negative net margin of 163.58%. The company had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. During the same period in the prior year, the firm posted ($0.07) EPS. The business's revenue was up 151.2% compared to the same quarter last year. Analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

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.

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