Yarbrough Capital LLC Acquires Shares of 154,936 SoundHound AI, Inc. (NASDAQ:SOUN)

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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC lifted its position in SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after acquiring an additional 315,897 shares during the last quarter. Northern Trust Corp increased its position in SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock worth $57,660,000 after buying an additional 264,382 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock valued at $54,078,000 after acquiring an additional 143,487 shares during the period. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI during the 4th quarter worth $41,595,000. 19.28% of the stock is owned by institutional investors.

Insider Activity at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 48,639 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $481,526.10. Following the transaction, the chief financial officer now directly owns 1,454,011 shares of the company's stock, valued at $14,394,708.90. The trade was a 3.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 44,157 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total transaction of $529,884.00. Following the completion of the sale, the chief technology officer now owns 723,009 shares of the company's stock, valued at approximately $8,676,108. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 548,537 shares of company stock worth $5,567,760 in the last quarter. Company insiders own 9.17% of the company's stock.

SoundHound AI Trading Down 0.5%

Shares of NASDAQ:SOUN traded down $0.05 during mid-day trading on Wednesday, reaching $9.74. 26,149,871 shares of the company's stock were exchanged, compared to its average volume of 38,683,355. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of -27.06 and a beta of 2.64. The business's fifty day moving average price is $9.33 and its 200-day moving average price is $11.96. 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, Inc. has a twelve month low of $3.82 and a twelve month high of $24.98.

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. DA Davidson cut their price objective 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 SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Wedbush lowered their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective on the stock. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.