SoundHound AI, Inc. $SOUN Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. boosted its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 4.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,367,437 shares of the company’s stock after buying an additional 1,909,868 shares during the quarter. Vanguard Group Inc. owned approximately 0.11% of SoundHound AI worth $452,313,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. EP Wealth Advisors LLC raised its holdings in shares of SoundHound AI by 5.3% in the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after acquiring an additional 706 shares during the last quarter. Newbridge Financial Services Group Inc. increased its position in SoundHound AI by 2.7% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock worth $513,000 after purchasing an additional 830 shares in the last quarter. Insigneo Advisory Services LLC increased its position in SoundHound AI by 7.4% during the 3rd quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock worth $200,000 after purchasing an additional 858 shares in the last quarter. Clear Creek Financial Management LLC raised its stake in SoundHound AI by 1.6% in the 4th quarter. Clear Creek Financial Management LLC now owns 58,091 shares of the company’s stock valued at $579,000 after purchasing an additional 941 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in SoundHound AI by 15.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 7,127 shares of the company’s stock valued at $115,000 after purchasing an additional 956 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Activity

In other SoundHound AI news, CEO Keyvan Mohajer sold 124,510 shares of the company’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $845,422.90. Following the completion of the sale, the chief executive officer directly owned 2,073,777 shares in the company, valued at $14,080,945.83. This represents a 5.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 44,027 shares of SoundHound AI stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $298,943.33. Following the completion of the transaction, the chief financial officer directly owned 1,661,121 shares in the company, valued at $11,279,011.59. This represents a 2.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 307,973 shares of company stock valued at $2,091,110 in the last 90 days. 8.84% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SOUN has been the topic of several analyst reports. Piper Sandler reaffirmed a “neutral” rating and set a $9.00 price target (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. DA Davidson reaffirmed a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a research note on Wednesday, April 22nd. Finally, HC Wainwright cut their price target on SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.93.

SoundHound AI Stock Performance

SOUN opened at $9.14 on Wednesday. SoundHound AI, Inc. has a 1 year low of $5.83 and a 1 year high of $22.17. The company’s 50 day simple moving average is $7.51 and its 200 day simple moving average is $10.33. The stock has a market capitalization of $3.86 billion, a PE ratio of -182.76 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). SoundHound AI had a negative net margin of 8.71% and a negative return on equity of 3.63%. The company had revenue of $55.06 million for the quarter, compared to the consensus estimate of $53.88 million. During the same quarter last year, the firm posted ($0.05) earnings per share. SoundHound AI’s revenue was up 59.4% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.