Vanguard Group Inc. Purchases 2,064,340 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Vanguard Group Inc. boosted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 18.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,166,989 shares of the company's stock after buying an additional 2,064,340 shares during the period. Vanguard Group Inc. owned about 5.33% of SoundHound AI worth $26,466,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE raised its holdings in SoundHound AI by 1,238.7% during the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company's stock worth $26,000 after buying an additional 13,626 shares during the period. Two Sigma Securities LLC purchased a new position in SoundHound AI during the 1st quarter valued at about $28,000. HighTower Advisors LLC purchased a new position in SoundHound AI during the 3rd quarter valued at about $32,000. Royal Bank of Canada grew its stake in SoundHound AI by 520.7% during the 2nd quarter. Royal Bank of Canada now owns 8,690 shares of the company's stock valued at $40,000 after acquiring an additional 7,290 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in SoundHound AI by 45.0% during the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company's stock valued at $44,000 after acquiring an additional 6,717 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the company's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total value of $250,000.00. Following the sale, the director now directly owns 530,250 shares in the company, valued at $2,651,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Eric R. Ball sold 50,000 shares of the firm's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the sale, the director now directly owns 530,250 shares in the company, valued at $2,651,250. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Majid Emami sold 17,041 shares of the firm's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $142,633.17. Following the completion of the sale, the vice president now owns 467,492 shares of the company's stock, valued at $3,912,908.04. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock worth $2,598,723 over the last three months. Company insiders own 21.30% of the company's stock.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research analyst reports. DA Davidson lifted their target price on SoundHound AI from $7.50 to $9.50 and gave the company a "buy" rating in a research note on Friday, March 15th. Cantor Fitzgerald raised SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 target price on the stock in a research note on Thursday. Northland Securities reaffirmed a "market perform" rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Wedbush boosted their price target on SoundHound AI from $5.00 to $9.00 and gave the company an "outperform" rating in a research note on Friday, March 1st. Finally, LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a research note on Tuesday, January 30th. They issued a "buy" rating and a $4.00 price target for the company. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $6.88.

SoundHound AI Stock Performance

SOUN traded down $0.39 on Friday, hitting $4.38. The company had a trading volume of 18,089,162 shares, compared to its average volume of 54,588,008. The company's fifty day moving average price is $5.16 and its 200 day moving average price is $3.08. SoundHound AI, Inc. has a 1-year low of $1.49 and a 1-year high of $10.25. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -11.23 and a beta of 2.75. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. During the same quarter last year, the company earned ($0.15) earnings per share. The business's revenue was up 80.0% on a year-over-year basis. Equities analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share 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.