Victory Capital Management Inc. Grows Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Victory Capital Management Inc. raised its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 230.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 120,812 shares of the company's stock after acquiring an additional 84,301 shares during the quarter. Victory Capital Management Inc.'s holdings in SoundHound AI were worth $563,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Genesee Capital Advisors LLC boosted its position in shares of SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company's stock worth $77,000 after purchasing an additional 2,000 shares in the last quarter. Signaturefd LLC boosted its position in shares of SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company's stock worth $57,000 after purchasing an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of SoundHound AI by 13.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company's stock worth $82,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Wolverine Asset Management LLC raised its holdings in shares of SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company's stock worth $164,000 after acquiring an additional 2,522 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a report on Friday, August 9th. Barclays restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright upped their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. LADENBURG THALM/SH SH restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.64.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $7,189,811.36. This trade represents a 2.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 337,275 shares of company stock valued at $1,811,044 in the last three months. Company insiders own 12.28% of the company's stock.

SoundHound AI Stock Performance

SOUN traded up $1.43 on Friday, hitting $9.31. The company's stock had a trading volume of 70,966,803 shares, compared to its average volume of 35,364,570. The company's 50 day simple moving average is $5.69 and its 200-day simple moving average is $5.09. The firm has a market cap of $3.44 billion, a P/E ratio of -24.94 and a beta of 2.71. SoundHound AI, Inc. has a 12 month low of $1.62 and a 12 month high of $10.25. 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 announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm earned ($0.09) EPS. The business's quarterly revenue was up 88.7% compared to the same quarter last year. Analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current 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.