Raymond James & Associates Decreases Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Raymond James & Associates cut its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 21.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 773,429 shares of the company’s stock after selling 209,519 shares during the quarter. Raymond James & Associates owned about 0.31% of SoundHound AI worth $1,640,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after buying an additional 2,064,340 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of SoundHound AI in the third quarter worth about $457,000. Victory Capital Management Inc. raised its stake in shares of SoundHound AI by 45.0% in the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock worth $44,000 after purchasing an additional 6,717 shares during the last quarter. Swiss National Bank raised its stake in shares of SoundHound AI by 12.0% in the third quarter. Swiss National Bank now owns 351,500 shares of the company’s stock worth $707,000 after purchasing an additional 37,700 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of SoundHound AI by 30.0% in the third quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock worth $146,000 after purchasing an additional 16,801 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Stock Down 3.3 %

Shares of SOUN stock opened at $3.83 on Friday. The stock has a 50 day moving average of $5.34 and a 200 day moving average of $3.13. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The stock has a market cap of $1.18 billion, a P/E ratio of -9.82 and a beta of 2.75. SoundHound AI, Inc. has a twelve month low of $1.49 and a twelve month high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. During the same period in the previous year, the business posted ($0.15) earnings per share. The firm’s revenue for the quarter was up 80.0% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Analysts Set New Price Targets

SOUN has been the subject of several research analyst reports. Wedbush raised their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. HC Wainwright raised their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. DA Davidson raised their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 5,276 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the sale, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the sale, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 410,714 shares of company stock valued at $2,598,723. Company insiders own 21.30% of the company’s stock.

SoundHound AI Company 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.