SoundHound AI, Inc. $SOUN Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its SoundHound AI stake by 140.5% in the fourth quarter, ending with 266,576 shares worth about $2.83 million.
• SoundHound AI reported Q1 revenue growth of 51.7% year over year to $44.2 million, but it still posted a loss of $0.06 per share, missing estimates by a penny.
• Shares were down 4.8% to $8.45 as analysts maintained a Moderate Buy view overall, with an average price target of $14.93.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 140.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 266,576 shares of the company's stock after acquiring an additional 155,743 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.06% of SoundHound AI worth $2,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its stake in SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company's stock worth $25,000 after buying an additional 1,060 shares during the last quarter. Danske Bank A S acquired a new position in SoundHound AI during the third quarter worth $26,000. Bogart Wealth LLC boosted its stake in SoundHound AI by 242.4% during the third quarter. Bogart Wealth LLC now owns 2,825 shares of the company's stock worth $45,000 after buying an additional 2,000 shares during the last quarter. Parallel Advisors LLC boosted its stake in SoundHound AI by 42.8% during the third quarter. Parallel Advisors LLC now owns 3,204 shares of the company's stock worth $52,000 after buying an additional 960 shares during the last quarter. Finally, Bfsg LLC boosted its stake in SoundHound AI by 53.2% during the third quarter. Bfsg LLC now owns 3,270 shares of the company's stock worth $53,000 after buying an additional 1,135 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Stock Down 4.8%

Shares of SoundHound AI stock opened at $8.45 on Tuesday. SoundHound AI, Inc. has a 52 week low of $5.83 and a 52 week high of $22.17. The business's fifty day simple moving average is $7.57 and its 200-day simple moving average is $10.04. The firm has a market cap of $3.57 billion, a PE ratio of -17.98 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 41.46%. The business had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. During the same period last year, the company earned ($0.06) EPS. The business's revenue for the quarter was up 51.7% on a year-over-year basis. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent research reports. DA Davidson reissued a "buy" rating and set a $14.00 price objective on shares of SoundHound AI in a research note on Wednesday, April 22nd. Piper Sandler reissued a "neutral" rating and set a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th. LADENBURG THALM/SH SH raised SoundHound AI to a "strong-buy" rating in a research note on Wednesday, May 6th. HC Wainwright lowered their price objective on SoundHound AI from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. Finally, Zacks Research raised SoundHound AI from a "strong sell" rating to a "hold" rating in a research note on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $14.93.

Insiders Place Their Bets

In other news, SVP Majid Emami sold 31,019 shares of the company's stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $210,619.01. Following the transaction, the senior vice president owned 501,826 shares of the company's stock, valued at $3,407,398.54. This represents a 5.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 124,510 shares of the business's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $845,422.90. Following the completion of the sale, the chief executive officer owned 2,073,777 shares in the company, valued at $14,080,945.83. This represents a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 307,973 shares of company stock worth $2,091,110. Corporate insiders own 8.84% of the company's stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company's core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.

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