344,243 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 344,243 shares of the company's stock, valued at approximately $6,830,000. Raymond James Financial Inc. owned 0.09% of SoundHound AI as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised 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 acquiring an additional 8,402,881 shares during the last quarter. Invesco Ltd. grew its stake in shares of SoundHound AI by 1,386.2% during the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Geode Capital Management LLC boosted its position in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after buying an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund bought a new position in SoundHound AI in the 4th quarter valued at $8,964,000. Finally, Wellington Management Group LLP bought a new stake in shares of SoundHound AI during the fourth quarter worth $7,789,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Up 1.5 %

Shares of NASDAQ:SOUN traded up $0.14 during midday trading on Friday, reaching $9.52. The company had a trading volume of 26,510,154 shares, compared to its average volume of 37,983,232. SoundHound AI, Inc. has a 1-year low of $3.82 and a 1-year high of $24.98. The stock has a market cap of $3.80 billion, a PE ratio of -26.44 and a beta of 2.73. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business's 50 day moving average price is $9.02 and its 200 day moving average price is $11.09.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the sale, the director now directly owns 138,850 shares in the company, valued at $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 138,895 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,764,166 shares in the company, valued at $17,782,793.28. This represents a 7.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on SOUN. Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. DA Davidson decreased their target price on 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 reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Hold" and an average target price of $12.43.

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.