Science & Technology Partners L.P. Purchases Shares of 781,264 SoundHound AI, Inc. (NASDAQ:SOUN)

Science & Technology Partners L.P. bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 781,264 shares of the company's stock, valued at approximately $15,500,000. SoundHound AI makes up about 4.7% of Science & Technology Partners L.P.'s holdings, making the stock its 12th largest position. Science & Technology Partners L.P. owned about 0.20% of SoundHound AI as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SOUN. Vanguard Group Inc. lifted its position 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 in the last quarter. Geode Capital Management LLC raised its stake in SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock valued at $149,024,000 after purchasing an additional 315,897 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 5.6% in 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 purchasing an additional 143,487 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of SoundHound AI during the fourth quarter worth $41,595,000. Finally, Invesco Ltd. raised its position in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after buying an additional 1,289,360 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Trading Up 1.5 %

SOUN traded up $0.14 during trading hours on Friday, reaching $9.52. The company's stock had a trading volume of 26,510,154 shares, compared to its average volume of 37,923,850. The stock has a market cap of $3.80 billion, a PE ratio of -26.44 and a beta of 2.73. SoundHound AI, Inc. has a fifty-two week low of $3.82 and a fifty-two week high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business's 50-day moving average is $9.02 and its 200-day moving average is $11.00.

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

Insider Activity

In related news, CFO Nitesh Sharan sold 48,639 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $481,526.10. Following the completion of the transaction, the chief financial officer now directly owns 1,454,011 shares in the company, valued at $14,394,708.90. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Timothy Stonehocker sold 27,714 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the transaction, the chief technology officer now directly owns 768,867 shares of the company's stock, valued at approximately $7,611,783.30. This represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. Company insiders own 12.28% of the company's stock.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several research reports. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson dropped their price target 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. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, Northland Securities boosted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $12.43.

About SoundHound AI

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.