SoundHound AI, Inc. (NASDAQ:SOUN) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 448.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 98,342 shares of the company’s stock after buying an additional 80,403 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in SoundHound AI were worth $2,028,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Intech Investment Management LLC acquired a new position in SoundHound AI in the 3rd quarter valued at about $305,000. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares during the period. The Manufacturers Life Insurance Company boosted its position in SoundHound AI by 43.1% during the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock worth $708,000 after acquiring an additional 45,750 shares during the last quarter. Quantbot Technologies LP purchased a new stake in SoundHound AI in the 3rd quarter worth approximately $57,000. Finally, FMR LLC raised its holdings in SoundHound AI by 112.8% in the 3rd quarter. FMR LLC now owns 49,038 shares of the company’s stock valued at $229,000 after acquiring an additional 25,989 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. DA Davidson increased their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Northland Securities upped their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Up 1.0 %

NASDAQ:SOUN opened at $8.20 on Wednesday. The business’s 50-day moving average is $11.51 and its two-hundred day moving average is $10.66. The firm has a market capitalization of $3.27 billion, a PE ratio of -22.78 and a beta of 2.62. SoundHound AI, Inc. has a 12 month low of $3.50 and a 12 month high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. Research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 28,392 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,080.80. Following the completion of the transaction, the vice president now owns 669,834 shares of the company’s stock, valued at approximately $6,631,356.60. This represents a 4.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 27,714 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $274,368.60. Following the sale, the chief technology officer now owns 768,867 shares in the company, valued at $7,611,783.30. This represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 500,565 shares of company stock valued at $4,999,726. Corporate insiders own 12.28% of the company’s stock.

About SoundHound AI

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.