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

Vontobel Holding Ltd. acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 71,592 shares of the company's stock, valued at approximately $581,000.

A number of other large investors have also recently made changes to their positions in SOUN. Orion Capital Management LLC bought a new stake in SoundHound AI in the 4th quarter valued at $30,000. Golden State Wealth Management LLC lifted its stake 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 worth $34,000 after purchasing an additional 2,115 shares during the last quarter. BIT Capital GmbH purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $43,000. Harbor Investment Advisory LLC increased its stake in SoundHound AI by 387.1% in the 1st quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company's stock worth $61,000 after buying an additional 6,000 shares during the period. Finally, NBC Securities Inc. grew its position in shares of SoundHound AI by 127,900.0% during the 1st quarter. NBC Securities Inc. now owns 7,680 shares of the company's stock worth $62,000 after buying an additional 7,674 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

Shares of NASDAQ SOUN traded down $0.61 on Thursday, hitting $12.29. The company's stock had a trading volume of 62,286,061 shares, compared to its average volume of 40,880,557. SoundHound AI, Inc. has a 12-month low of $3.94 and a 12-month high of $24.98. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -22.35 and a beta of 2.59. The stock has a 50 day moving average of $10.15 and a 200-day moving average of $11.49.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $30.38 million. During the same quarter in the previous year, the company posted ($0.07) EPS. The firm's revenue for the quarter was up 151.2% on a year-over-year basis. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, COO Michael Zagorsek sold 117,180 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,096,804.80. Following the sale, the chief operating officer directly owned 1,346,455 shares of the company's stock, valued at approximately $12,602,818.80. This trade represents a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 254,376 shares of SoundHound AI stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the transaction, the chief executive officer owned 1,749,790 shares in the company, valued at approximately $16,378,034.40. This trade represents a 12.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 961,289 shares of company stock valued at $9,247,847 in the last three months. Company insiders own 9.17% of the company's stock.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of recent analyst reports. HC Wainwright lowered their price target on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. DA Davidson reduced their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Piper Sandler began coverage on SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective on the stock. Finally, Wedbush dropped their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

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.