Victory Capital Management Inc. Decreases Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Victory Capital Management Inc. lessened its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 66.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 40,090 shares of the company's stock after selling 80,722 shares during the quarter. Victory Capital Management Inc.'s holdings in SoundHound AI were worth $795,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company's stock valued at $33,540,000 after purchasing an additional 42,869 shares during the period. Geode Capital Management LLC lifted 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 worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock worth $54,078,000 after purchasing an additional 143,487 shares during the last quarter. Carnegie Investment Counsel boosted its holdings in shares of SoundHound AI by 9.1% during the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock valued at $19,484,000 after acquiring an additional 82,300 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of SoundHound AI by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company's stock valued at $17,278,000 after purchasing an additional 23,962 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

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Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 156,288 shares of the business's stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.28% of the company's stock.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN traded up $0.45 during trading on Monday, hitting $10.31. 26,330,729 shares of the company's stock were exchanged, compared to its average volume of 38,601,745. The business's 50-day simple moving average is $12.19 and its 200 day simple moving average is $10.44. The company has a market cap of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.62. SoundHound AI, Inc. has a 52-week low of $3.50 and a 52-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.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced 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). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research reports. HC Wainwright reiterated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson upped their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Finally, Northland Securities raised 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $12.86.

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.