Rockefeller Capital Management L.P. Takes $41.60 Million Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Rockefeller Capital Management L.P. acquired a new stake in 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. The firm acquired 2,096,530 shares of the company's stock, valued at approximately $41,595,000. Rockefeller Capital Management L.P. owned 0.53% of SoundHound AI as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in SOUN. Vanguard Group Inc. grew its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Invesco Ltd. grew its stake in shares of SoundHound AI by 1,386.2% during the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after purchasing an additional 1,289,360 shares in the last quarter. Capital Fund Management S.A. acquired a new position in shares of SoundHound AI during the fourth quarter worth $16,092,000. Geode Capital Management LLC increased its holdings in 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 during the last quarter. Finally, Oriental Harbor Investment Fund acquired a new stake in SoundHound AI in the fourth quarter valued at $8,964,000. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SOUN has been the topic of several research analyst reports. DA Davidson cut their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday. Northland Securities lifted their price target 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. Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. 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. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have given 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.

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SoundHound AI Stock Performance

SoundHound AI stock traded up $0.08 during mid-day trading on Tuesday, reaching $8.23. 16,852,186 shares of the company were exchanged, compared to its average volume of 37,942,867. The firm's 50-day simple moving average is $9.99 and its two-hundred day simple moving average is $10.86. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The firm has a market cap of $3.28 billion, a PE ratio of -22.86 and a beta of 2.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

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

Insider Activity at SoundHound AI

In other news, insider James Ming Hom sold 51,196 shares of the 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 owns 638,456 shares in the company, valued at $6,544,174. This trade represents a 7.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 3,333 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. This represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock worth $4,999,726 over the last 90 days. Company insiders own 12.28% of the company's stock.

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.