Warm Springs Advisors Inc. Purchases New Shares in SoundHound AI, Inc. $SOUN

Warm Springs Advisors Inc. purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 136,100 shares of the company’s stock, valued at approximately $1,357,000. SoundHound AI comprises approximately 1.0% of Warm Springs Advisors Inc.’s investment portfolio, making the stock its 26th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 16.4% during the 3rd quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock worth $698,798,000 after buying an additional 6,132,648 shares in the last quarter. State Street Corp increased its position in shares of SoundHound AI by 9.1% during the second 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in SoundHound AI by 13.4% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock worth $91,604,000 after acquiring an additional 672,714 shares during the period. Northern Trust Corp boosted its position in SoundHound AI by 1.2% in the third quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock worth $51,161,000 after purchasing an additional 38,966 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SOUN. Zacks Research raised SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a report on Thursday, January 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. HC Wainwright reduced their target price on shares of 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, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Friday, January 9th. One equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.93.

SoundHound AI Price Performance

SoundHound AI stock opened at $8.32 on Tuesday. The firm has a market capitalization of $3.52 billion, a P/E ratio of -166.37 and a beta of 2.71. SoundHound AI, Inc. has a one year low of $5.83 and a one year high of $22.17. The business has a fifty day moving average price of $7.43 and a 200-day moving average price of $11.01.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $55.06 million for the quarter, compared to analysts’ expectations of $53.88 million. SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.The firm’s quarterly revenue was up 59.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) EPS. Sell-side analysts expect that SoundHound AI, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, SVP Majid Emami sold 31,019 shares of the firm’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 completion of the transaction, the senior vice president directly owned 501,826 shares in the company, valued at approximately $3,407,398.54. This trade represents a 5.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 44,027 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 transaction of $298,943.33. Following the transaction, the chief financial officer directly owned 1,661,121 shares of the company’s stock, valued at approximately $11,279,011.59. This represents a 2.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 307,973 shares of company stock valued at $2,091,110. Company insiders own 9.17% of the company’s stock.

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.