Geode Capital Management LLC Acquires 273,097 Shares of SoundHound AI, Inc. $SOUN

Geode Capital Management LLC grew its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 3.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,180,321 shares of the company’s stock after purchasing an additional 273,097 shares during the period. Geode Capital Management LLC’s holdings in SoundHound AI were worth $91,543,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of SoundHound AI by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after acquiring an additional 1,909,868 shares during the last quarter. State Street Corp boosted its position in shares of SoundHound AI by 9.1% during the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company’s stock valued at $90,951,000 after acquiring an additional 708,369 shares during the last quarter. UBS Group AG boosted its position in shares of SoundHound AI by 77.6% during the 4th quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after acquiring an additional 2,676,707 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of SoundHound AI by 13.4% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock valued at $91,604,000 after acquiring an additional 672,714 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of SoundHound AI by 1.2% during the 3rd quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock valued at $51,161,000 after acquiring an additional 38,966 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SOUN shares. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. Piper Sandler restated a “neutral” rating and issued a $9.00 target price (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. HC Wainwright dropped their target price on SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Finally, DA Davidson restated a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $14.93.

Insider Activity

In other news, COO Michael Zagorsek sold 52,968 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $359,652.72. Following the transaction, the chief operating officer directly owned 1,734,491 shares of the company’s stock, valued at approximately $11,777,193.89. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Ming Hom sold 31,019 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $210,619.01. Following the transaction, the insider directly owned 772,364 shares in the company, valued at $5,244,351.56. This trade represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 307,973 shares of company stock valued at $2,091,110. 8.84% of the stock is owned by insiders.

SoundHound AI Stock Performance

SOUN opened at $7.39 on Friday. SoundHound AI, Inc. has a 52-week low of $5.83 and a 52-week high of $22.17. The stock has a market capitalization of $3.20 billion, a PE ratio of -15.72 and a beta of 2.56. The stock’s 50 day moving average price is $7.84 and its 200-day moving average price is $9.09.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The business had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $42.56 million. During the same period last year, the firm posted ($0.06) earnings per share. SoundHound AI’s quarterly revenue was up 51.7% on a year-over-year basis. Research analysts forecast that SoundHound AI, Inc. will post -0.45 EPS for the current fiscal year.

SoundHound AI Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.