SoundHound AI, Inc. $SOUN Shares Acquired by Vanguard Group Inc.

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. lifted its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,059,943 shares of the company's stock after acquiring an additional 3,028,281 shares during the quarter. Vanguard Group Inc. owned 8.79% of SoundHound AI worth $284,687,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Atria Wealth Solutions Inc. grew its position in shares of SoundHound AI by 140.9% in the 1st quarter. Atria Wealth Solutions Inc. now owns 25,353 shares of the company's stock worth $206,000 after acquiring an additional 14,829 shares in the last quarter. Thoroughbred Financial Services LLC grew its position in shares of SoundHound AI by 38.4% in the 1st quarter. Thoroughbred Financial Services LLC now owns 113,475 shares of the company's stock worth $921,000 after acquiring an additional 31,500 shares in the last quarter. R Squared Ltd acquired a new position in shares of SoundHound AI in the 1st quarter worth approximately $112,000. MASO CAPITAL PARTNERS Ltd acquired a new position in shares of SoundHound AI in the 1st quarter worth approximately $555,000. Finally, Mesirow Financial Investment Management Inc. acquired a new position in SoundHound AI during the 1st quarter valued at approximately $162,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Insider Buying and Selling

In other news, COO Michael Zagorsek sold 117,180 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,096,804.80. Following the sale, the chief operating officer owned 1,346,455 shares of the company's stock, valued at approximately $12,602,818.80. The trade was a 8.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Nitesh Sharan sold 111,111 shares of the business's stock in a transaction on Friday, June 20th. The stock was 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 in the company, valued at $13,505,544. This represents a 7.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 913,317 shares of company stock worth $8,679,813. 9.17% of the stock is owned by corporate insiders.

SoundHound AI Stock Down 10.3%

SoundHound AI stock traded down $1.52 during mid-day trading on Tuesday, hitting $13.30. 45,200,241 shares of the company's stock traded hands, compared to its average volume of 41,291,641. The firm has a 50 day moving average price of $11.47 and a 200 day moving average price of $10.52. The company has a market cap of $5.34 billion, a PE ratio of -21.11 and a beta of 2.57. SoundHound AI, Inc. has a one year low of $4.32 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The business had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The firm's revenue was up 216.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. On average, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Northland Capmk upgraded SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Wedbush boosted their price objective on SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Piper Sandler restated a "neutral" rating and set a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. Wall Street Zen lowered SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $9.00 to $16.00 in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $13.36.

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.