Wellington Management Group LLP Takes $7.79 Million Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Wellington Management Group LLP acquired a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 392,613 shares of the company's stock, valued at approximately $7,789,000. Wellington Management Group LLP owned about 0.10% of SoundHound AI as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Keynote Financial Services LLC raised its position in shares of SoundHound AI by 4.7% during the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after buying an additional 752 shares during the last quarter. Blue Trust Inc. raised its position in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of SoundHound AI by 16.4% during 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 last quarter. Creative Financial Designs Inc. ADV raised its position in shares of SoundHound AI by 13.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock valued at $165,000 after buying an additional 1,000 shares during the last quarter. Finally, Choreo LLC raised its position in shares of SoundHound AI by 7.6% during the fourth quarter. Choreo LLC now owns 14,424 shares of the company's stock valued at $309,000 after buying an additional 1,015 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 138,895 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the sale, the chief executive officer now directly owns 1,764,166 shares in the company, valued at $17,782,793.28. This represents a 7.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Timothy Stonehocker sold 44,157 shares of SoundHound AI stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total value of $529,884.00. Following the completion of the transaction, the chief technology officer now owns 723,009 shares in the company, valued at approximately $8,676,108. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 548,537 shares of company stock valued at $5,567,760. 9.17% of the stock is owned by insiders.

SoundHound AI Stock Up 6.8%

SoundHound AI stock traded up $0.64 during mid-day trading on Friday, reaching $10.11. The company's stock had a trading volume of 32,226,645 shares, compared to its average volume of 38,755,295. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of -28.08 and a beta of 2.64. SoundHound AI, Inc. has a 12 month low of $3.82 and a 12 month high of $24.98. The business's 50 day simple moving average is $9.28 and its 200 day simple moving average is $11.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The firm had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company's revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.07) earnings per share. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on SOUN shares. HC Wainwright cut their price objective 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. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. DA Davidson decreased their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Piper Sandler started coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price target on the stock. Finally, Wedbush cut their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, SoundHound AI has a consensus rating of "Moderate Buy" and an average target price 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.