Vanguard Group Inc. Purchases 8,402,881 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Vanguard Group Inc. raised its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 35.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,031,662 shares of the company's stock after acquiring an additional 8,402,881 shares during the quarter. Vanguard Group Inc. owned approximately 8.14% of SoundHound AI worth $635,508,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Kieckhefer Group LLC bought a new position in SoundHound AI during the 4th quarter valued at about $3,432,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI by 7.9% during the third 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. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI in the fourth quarter valued at approximately $8,964,000. Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC bought a new stake in SoundHound AI during the 4th quarter worth approximately $357,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SOUN shares. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Northland Securities upped 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 report on Tuesday, January 14th. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. DA Davidson boosted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Wedbush increased their price target 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. Four 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, the stock currently has a consensus rating of "Hold" and a consensus price target of $12.86.

SoundHound AI Trading Down 4.2 %

Shares of NASDAQ SOUN traded down $0.36 during mid-day trading on Thursday, hitting $8.30. The company's stock had a trading volume of 20,101,153 shares, compared to its average volume of 38,071,796. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The company's fifty day simple moving average is $11.20 and its 200-day simple moving average is $10.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of -23.06 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.69) 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 analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

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, CTO Timothy Stonehocker sold 3,333 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares in the company, valued at $7,716,582.72. The trade was 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 valued at $4,999,726 over the last three months. 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.