Vanguard Group Inc. raised its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 4.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 45,367,437 shares of the company's stock after buying an additional 1,909,868 shares during the quarter. Vanguard Group Inc. owned about 10.80% of SoundHound AI worth $452,313,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in SOUN. State Street Corp raised its holdings in SoundHound AI by 9.1% during the second quarter. State Street Corp now owns 8,476,348 shares of the company's stock worth $90,951,000 after purchasing an additional 708,369 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in SoundHound AI by 13.4% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company's stock valued at $91,604,000 after purchasing an additional 672,714 shares in the last quarter. Northern Trust Corp boosted its holdings in SoundHound AI by 1.2% in the 3rd quarter. Northern Trust Corp now owns 3,181,651 shares of the company's stock valued at $51,161,000 after purchasing an additional 38,966 shares in the last quarter. Goldman Sachs Group Inc. increased its position in SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the period. Finally, Jump Financial LLC acquired a new position in SoundHound AI during the 3rd quarter worth approximately $21,679,000. Institutional investors and hedge funds own 19.28% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on SOUN shares. DA Davidson reissued a "buy" rating and issued a $14.00 price target on shares of SoundHound AI in a report on Wednesday, April 22nd. Zacks Research raised SoundHound AI from a "strong sell" rating to a "hold" rating in a report on Monday, February 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of SoundHound AI in a report on Friday, January 9th. Piper Sandler restated a "neutral" rating and set a $9.00 target price (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. Finally, HC Wainwright lowered their price target on shares of SoundHound AI from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, SoundHound AI currently has an average rating of "Moderate Buy" and a consensus target price of $14.93.
View Our Latest Stock Report on SOUN
Insiders Place Their Bets
In other news, insider James Ming Hom sold 31,019 shares of the firm'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 completion of the transaction, the insider owned 772,364 shares in the company, valued at $5,244,351.56. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Majid Emami sold 31,019 shares of SoundHound AI 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 directly owned 501,826 shares of the company's stock, valued at $3,407,398.54. This trade represents a 5.82% 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 valued at $2,091,110. Company insiders own 8.84% of the company's stock.
SoundHound AI Price Performance
Shares of NASDAQ:SOUN opened at $9.14 on Wednesday. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of -182.76 and a beta of 2.58. The business's 50 day simple moving average is $7.51 and its 200-day simple moving average is $10.33. SoundHound AI, Inc. has a 12 month low of $5.83 and a 12 month high of $22.17.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). The firm had revenue of $55.06 million during the quarter, compared to the consensus estimate of $53.88 million. SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.SoundHound AI's quarterly revenue was up 59.4% on a year-over-year basis. During the same period last year, the business posted ($0.05) EPS. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.
SoundHound AI Company Profile
(
Free Report)
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.
Further Reading
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