Vanguard Group Inc. Grows Position in SoundHound AI, Inc. $SOUN

Vanguard Group Inc. boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 16.4% during the 3rd quarter, Holdings Channel reports. The fund owned 43,457,569 shares of the company’s stock after acquiring an additional 6,132,648 shares during the quarter. Vanguard Group Inc. owned approximately 0.11% of SoundHound AI worth $698,798,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new stake in SoundHound AI in the second quarter valued at $3,696,000. Kieckhefer Group LLC raised its position in shares of SoundHound AI by 47.2% during the 3rd quarter. Kieckhefer Group LLC now owns 259,000 shares of the company’s stock worth $4,165,000 after acquiring an additional 83,000 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of SoundHound AI by 14.0% during the 2nd quarter. Osaic Holdings Inc. now owns 498,691 shares of the company’s stock worth $5,351,000 after acquiring an additional 61,212 shares in the last quarter. Sigma Planning Corp lifted its stake in SoundHound AI by 238.1% during the second quarter. Sigma Planning Corp now owns 106,661 shares of the company’s stock worth $1,144,000 after purchasing an additional 75,113 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in SoundHound AI by 252.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 218,868 shares of the company’s stock valued at $3,519,000 after purchasing an additional 156,835 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 29,676 shares of SoundHound AI stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $12.00, for a total value of $356,112.00. Following the transaction, the chief technology officer directly owned 544,179 shares in the company, valued at approximately $6,530,148. This trade represents a 5.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 73,406 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $828,019.68. Following the sale, the chief operating officer owned 1,787,459 shares of the company’s stock, valued at $20,162,537.52. This trade represents a 3.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 460,922 shares of company stock worth $5,199,073 in the last ninety days. Company insiders own 9.17% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN opened at $7.83 on Tuesday. SoundHound AI, Inc. has a fifty-two week low of $6.52 and a fifty-two week high of $22.17. The firm has a 50-day simple moving average of $9.77 and a 200-day simple moving average of $13.08. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of -9.32 and a beta of 2.65.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a research report on Thursday, January 8th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Piper Sandler dropped their price objective on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $13.00 to $15.00 in a research report on Friday, December 12th. Finally, LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.07.

About SoundHound AI

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.