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

Raymond James Financial Inc. bought a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SOUN. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at about $3,432,000. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI in the 4th quarter valued at approximately $8,964,000. Geode Capital Management LLC increased its position in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Wealth Effects LLC purchased a new position in shares of SoundHound AI during the 4th quarter worth approximately $357,000. Finally, Franklin Resources Inc. acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at approximately $177,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Northland Securities lifted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Finally, DA Davidson lowered their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of "Hold" and a consensus target price of $12.43.

SoundHound AI Price Performance

Shares of NASDAQ SOUN traded up $0.63 during trading on Thursday, reaching $9.38. The company had a trading volume of 33,437,656 shares, compared to its average volume of 37,915,809. The stock has a market capitalization of $3.74 billion, a PE ratio of -26.06 and a beta of 2.73. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $9.06 and a two-hundred day moving average price of $10.97. SoundHound AI, Inc. has a twelve month low of $3.82 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its 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). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 51,196 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares of the company's stock, valued at $6,544,174. This represents a 7.42 % decrease in their position. The transaction 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 firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the sale, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is owned by company insiders.

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.