Mitsubishi UFJ Asset Management Co. Ltd. Grows Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 63.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,090 shares of the company's stock after purchasing an additional 62,748 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in SoundHound AI were worth $1,308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in SoundHound AI by 9.5% in the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock valued at $284,687,000 after buying an additional 3,028,281 shares in the last quarter. Invesco Ltd. increased its holdings in SoundHound AI by 1,386.2% in 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 in the last quarter. Driehaus Capital Management LLC purchased a new position in SoundHound AI in the fourth quarter valued at $16,421,000. Science & Technology Partners L.P. purchased a new position in SoundHound AI in the fourth quarter valued at $15,500,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in SoundHound AI by 501.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 901,687 shares of the company's stock valued at $17,891,000 after buying an additional 751,857 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Price Performance

SOUN traded up $0.04 on Thursday, reaching $16.54. 46,608,786 shares of the company's stock were exchanged, compared to its average volume of 51,429,108. The stock has a market cap of $6.64 billion, a PE ratio of -26.25 and a beta of 2.57. SoundHound AI, Inc. has a twelve month low of $4.32 and a twelve month high of $24.98. The stock's fifty day moving average price is $11.26 and its 200-day moving average price is $10.55.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). The business had revenue of $42.68 million for 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%. The business's revenue was up 216.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SOUN. Wedbush lifted their target price on shares of SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and lifted their target price for the company from $9.00 to $16.00 in a research report on Monday. Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Piper Sandler reiterated a "neutral" rating and issued a $12.00 target price on shares of SoundHound AI in a research report on Monday, July 14th. Finally, HC Wainwright dropped 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $13.36.

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 79,530 shares of the business's 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 transaction, the insider directly owned 637,560 shares in the company, valued at $5,967,561.60. The trade was a 11.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Majid Emami sold 132,352 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the transaction, the vice president owned 537,482 shares in the company, valued at $5,396,319.28. The trade was a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 913,317 shares of company stock worth $8,679,813 over the last ninety days. 9.17% of the stock is currently owned by 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.