Raymond James Financial Inc. Purchases Shares of 344,243 SoundHound AI, Inc. (NASDAQ:SOUN)

Raymond James Financial Inc. bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 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 & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. boosted its holdings in shares of SoundHound AI by 230.9% in the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company's stock worth $563,000 after buying an additional 84,301 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock valued at $89,000 after purchasing an additional 1,887 shares during the period. Intech Investment Management LLC purchased a new position in shares of SoundHound AI during the 3rd quarter valued at $305,000. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Finally, Meridian Wealth Management LLC bought a new stake in SoundHound AI during the third quarter valued at about $431,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the transaction, the chief executive officer now owns 1,764,166 shares of the company's stock, valued at approximately $17,782,793.28. This trade represents a 7.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares of the company's stock, valued at $6,827,554.80. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock worth $4,999,726 in the last three months. Corporate insiders own 12.28% of the company's stock.

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Analyst Upgrades and Downgrades

Several research firms recently issued reports on SOUN. DA Davidson increased their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. Finally, Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $12.86.

SoundHound AI Trading Down 5.3 %

NASDAQ SOUN traded down $0.50 during trading hours on Thursday, hitting $8.88. 15,597,494 shares of the company were exchanged, compared to its average volume of 38,204,893. The stock has a market cap of $3.54 billion, a PE ratio of -24.67 and a beta of 2.62. The stock has a 50-day moving average price of $12.00 and a 200 day moving average price of $10.52. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

SoundHound AI 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.