Raymond James & Associates Lowers Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Raymond James & Associates decreased its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 21.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 773,429 shares of the company's stock after selling 209,519 shares during the quarter. Raymond James & Associates owned 0.31% of SoundHound AI worth $1,640,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in SoundHound AI by 18.6% during the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company's stock worth $26,466,000 after purchasing an additional 2,064,340 shares during the period. BlackRock Inc. lifted its position in SoundHound AI by 415.4% during the second quarter. BlackRock Inc. now owns 9,515,845 shares of the company's stock worth $43,297,000 after purchasing an additional 7,669,606 shares during the period. Geode Capital Management LLC lifted its position in SoundHound AI by 145.7% during the second quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company's stock worth $12,375,000 after purchasing an additional 1,613,110 shares during the period. State Street Corp lifted its position in SoundHound AI by 517.0% during the second quarter. State Street Corp now owns 2,716,747 shares of the company's stock worth $12,361,000 after purchasing an additional 2,276,465 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in SoundHound AI by 1.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company's stock worth $3,486,000 after purchasing an additional 18,301 shares during the period. Institutional investors own 19.28% of the company's stock.

SoundHound AI Trading Down 7.3 %

Shares of SoundHound AI stock traded down $0.28 on Friday, hitting $3.55. The stock had a trading volume of 22,159,371 shares, compared to its average volume of 53,653,383. The stock has a 50 day moving average of $5.37 and a 200 day moving average of $3.14. SoundHound AI, Inc. has a twelve month low of $1.49 and a twelve month high of $10.25. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The firm has a market capitalization of $1.10 billion, a P/E ratio of -9.10 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. During the same period in the prior year, the company earned ($0.15) EPS. The business's quarterly revenue was up 80.0% compared to the same quarter last year. Sell-side analysts expect that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Majid Emami sold 17,041 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total value of $142,633.17. Following the transaction, the vice president now directly owns 467,492 shares in the company, valued at approximately $3,912,908.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Eric R. Ball sold 50,000 shares of the 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 transaction, the director now directly owns 530,250 shares in the company, valued at approximately $2,651,250. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 transaction, the vice president now owns 467,492 shares in the company, valued at $3,912,908.04. The disclosure for this sale can be found here. Insiders sold 410,714 shares of company stock valued at $2,598,723 over the last quarter. 21.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on SOUN shares. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a "buy" rating and a $4.00 target price for the company. DA Davidson increased their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a report on Friday, March 15th. Cantor Fitzgerald raised shares of SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 target price for the company in a report on Thursday, April 11th. Wedbush increased their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an "outperform" rating in a report on Friday, March 1st. Finally, HC Wainwright increased their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a "buy" rating in a report on Monday, March 4th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $6.88.

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.