SoundHound AI, Inc. $SOUN Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 16.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,457,569 shares of the company’s stock after purchasing an additional 6,132,648 shares during the period. Vanguard Group Inc. owned approximately 10.66% of SoundHound AI worth $698,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in shares of SoundHound AI by 71.3% in the 1st quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock worth $1,301,000 after acquiring an additional 66,714 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in SoundHound AI by 8.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock valued at $119,000 after purchasing an additional 1,201 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of SoundHound AI by 12.9% in the 1st quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock valued at $333,000 after buying an additional 4,692 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after buying an additional 1,085,473 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of SoundHound AI by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock valued at $5,620,000 after buying an additional 63,398 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

NASDAQ SOUN opened at $7.83 on Tuesday. The company has a market cap of $3.29 billion, a P/E ratio of -9.32 and a beta of 2.65. The stock has a 50-day moving average of $9.77 and a two-hundred day moving average of $13.08. SoundHound AI, Inc. has a 1-year low of $6.52 and a 1-year high of $22.17.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SOUN. Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. Zacks Research raised SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $13.00 to $15.00 in a report on Friday, December 12th. DA Davidson set a $14.00 target price on shares of SoundHound AI in a research report on Thursday, January 8th. Finally, LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.07.

Insider Activity

In other news, CEO Keyvan Mohajer sold 144,326 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $1,627,997.28. Following the sale, the chief executive officer directly owned 2,198,287 shares in the company, valued at approximately $24,796,677.36. This trade represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 29,676 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $6,530,148. The trade was a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 460,922 shares of company stock worth $5,199,073 over the last 90 days. Company insiders own 9.17% of the company’s stock.

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.