Vontobel Holding Ltd. Makes New $581,000 Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Vontobel Holding Ltd. acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 71,592 shares of the company's stock, valued at approximately $581,000.

Other institutional investors have also recently bought and sold shares of the company. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at about $30,000. Golden State Wealth Management LLC grew its position in SoundHound AI by 100.0% during 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. BIT Capital GmbH bought a new position in SoundHound AI during the fourth quarter valued at about $43,000. Harbor Investment Advisory LLC grew its position in SoundHound AI by 387.1% during the first quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company's stock valued at $61,000 after buying an additional 6,000 shares during the period. Finally, NBC Securities Inc. grew its position in SoundHound AI by 127,900.0% during the first quarter. NBC Securities Inc. now owns 7,680 shares of the company's stock valued at $62,000 after buying an additional 7,674 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

Insiders Place Their Bets

In related news, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total value of $27,832.00. Following the transaction, the director owned 153,949 shares in the company, valued at $1,530,253.06. The trade was a 1.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 2,981 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total value of $28,856.08. Following the completion of the transaction, the chief technology officer directly owned 716,866 shares of the company's stock, valued at approximately $6,939,262.88. This trade represents a 0.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 961,289 shares of company stock valued at $9,247,847 over the last quarter. 9.17% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SOUN has been the subject of several research reports. DA Davidson reduced their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. HC Wainwright cut their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Wedbush cut their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, Piper Sandler assumed coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 target price for the company. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $10.50.

SoundHound AI Stock Performance

SOUN traded up $1.93 on Tuesday, reaching $13.31. The company had a trading volume of 29,275,504 shares, compared to its average volume of 40,139,822. The company has a market cap of $5.35 billion, a price-to-earnings ratio of -24.15 and a beta of 2.59. SoundHound AI, Inc. has a 52-week low of $3.94 and a 52-week high of $24.98. The business has a 50 day simple moving average of $10.01 and a 200 day simple moving average of $11.48.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The firm had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. During the same period last year, the firm posted ($0.07) earnings per share. The business's revenue was up 151.2% compared to the same quarter last year. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.