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

Key Points

• Vanguard Group Inc. has increased its stake in SoundHound AI by 9.5% in the first quarter, acquiring an additional 3,028,281 shares, bringing its total ownership to approximately 8.79% valued at $284.7 million.
• Multiple hedge funds have also raised their positions in SoundHound AI, with Victory Capital Management increasing its holdings by an impressive 308.4% during the same period.
• Analysts have varied opinions on the stock, with a consensus rating of "Moderate Buy" and a target price set at $13.36, following recent price target adjustments by firms like LADENBURG THALM/SH SH and Northland Securities.

Vanguard Group Inc. boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 9.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,059,943 shares of the company's stock after buying an additional 3,028,281 shares during the period. Vanguard Group Inc. owned approximately 8.79% of SoundHound AI worth $284,687,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Orion Capital Management LLC acquired a new position in SoundHound AI in the fourth quarter valued at $30,000. Golden State Wealth Management LLC lifted its holdings in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after buying an additional 2,115 shares during the period. Fourth Dimension Wealth LLC acquired a new position in SoundHound AI in the fourth quarter valued at $88,000. Sunbelt Securities Inc. lifted its holdings in SoundHound AI by 153.1% in the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock valued at $90,000 after buying an additional 2,755 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after buying an additional 929 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

Insiders Place Their Bets

In other SoundHound AI news, CFO Nitesh Sharan sold 111,111 shares of the company'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 $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. This represents a 7.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Michael Zagorsek sold 117,180 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the completion of the sale, the chief operating officer directly owned 1,346,455 shares of the company's stock, valued at $12,602,818.80. The trade was a 8.01% 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 in the last ninety days. 9.17% of the stock is owned by corporate insiders.

SoundHound AI Trading Down 1.7%

Shares of SOUN traded down $0.21 on Thursday, reaching $12.23. The company's stock had a trading volume of 34,018,186 shares, compared to its average volume of 51,114,456. SoundHound AI, Inc. has a twelve month low of $4.32 and a twelve month high of $24.98. The stock has a market capitalization of $4.91 billion, a PE ratio of -19.41 and a beta of 2.57. The firm has a fifty day moving average of $11.65 and a 200-day moving average of $10.54.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its 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). SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The business had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. During the same quarter in the prior year, the company earned ($0.11) EPS. The company's revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on SOUN. Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price on the stock in a report on Friday, August 8th. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. LADENBURG THALM/SH SH raised shares of SoundHound AI from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, HC Wainwright cut their price objective 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 Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $13.36.

SoundHound AI Company 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.