Yarbrough Capital LLC Purchases New Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Yarbrough Capital LLC purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 154,936 shares of the company's stock, valued at approximately $1,258,000.

Several other institutional investors have also made changes to their positions in SOUN. Vanguard Group Inc. boosted its stake in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after buying an additional 8,402,881 shares during the period. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI during the fourth quarter worth $41,595,000. Invesco Ltd. lifted its stake in SoundHound AI by 1,386.2% during the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in SoundHound AI during the fourth quarter worth $16,421,000. Finally, Capital Fund Management S.A. bought a new stake in SoundHound AI during the fourth quarter worth $16,092,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Up 6.8%

Shares of SOUN opened at $10.11 on Friday. SoundHound AI, Inc. has a 52 week low of $3.82 and a 52 week high of $24.98. The stock has a market capitalization of $4.06 billion, a price-to-earnings ratio of -28.08 and a beta of 2.64. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a fifty day moving average of $9.28 and a 200-day moving average of $11.92.

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. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same period in the prior year, the company earned ($0.07) EPS. SoundHound AI's revenue was up 151.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now directly owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. This trade represents a 5.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Ming Hom sold 28,388 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the sale, the insider now owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. The trade was a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 548,537 shares of company stock valued at $5,567,760 in the last three months. Insiders own 9.17% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SOUN shares. Piper Sandler started coverage on SoundHound AI in a research note on Tuesday, May 27th. They set an "overweight" rating and a $12.00 target price for the company. HC Wainwright cut their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, DA Davidson cut their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI has an average rating of "Moderate Buy" and a consensus target price of $10.50.

About SoundHound AI

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.

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