Invesco Ltd. Has $27.43 Million Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Invesco Ltd. raised its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 1,386.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,382,371 shares of the company's stock after buying an additional 1,289,360 shares during the period. Invesco Ltd. owned about 0.35% of SoundHound AI worth $27,426,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Kieckhefer Group LLC acquired a new stake in SoundHound AI during the 4th quarter valued at $3,432,000. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI in the fourth quarter valued at $8,964,000. Geode Capital Management LLC increased its stake in shares of SoundHound AI by 9.1% in the third 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 in the last quarter. Wealth Effects LLC acquired a new position in SoundHound AI during the 4th quarter worth about $357,000. Finally, Franklin Resources Inc. acquired a new position in SoundHound AI during the 3rd quarter worth about $177,000. Institutional investors own 19.28% of the company's stock.

Insider Activity

In related news, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the sale, the director now owns 138,850 shares in the company, valued at $1,399,608. This represents a 2.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,080.80. Following the transaction, the vice president now owns 669,834 shares in the company, valued at approximately $6,631,356.60. This represents a 4.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last ninety days. 12.28% of the stock is owned by insiders.

SoundHound AI Trading Up 8.5 %

SOUN traded up $0.64 during trading on Tuesday, reaching $8.14. 21,731,849 shares of the company's stock were exchanged, compared to its average volume of 38,016,157. The company's fifty day moving average price is $9.14 and its 200-day moving average price is $10.95. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $3.25 billion, a PE ratio of -22.61 and a beta of 2.73. SoundHound AI, Inc. has a fifty-two week low of $3.76 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) 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 analyst estimates of $33.70 million. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. DA Davidson dropped their price objective on shares of 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 reiterated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus 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.