SoundHound AI, Inc. $SOUN Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 2.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,364,998 shares of the company’s stock after acquiring an additional 82,428 shares during the period. Charles Schwab Investment Management Inc.’s holdings in SoundHound AI were worth $33,549,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SOUN. State Street Corp grew its holdings in SoundHound AI by 0.9% during the 4th quarter. State Street Corp now owns 8,691,235 shares of the company’s stock worth $86,652,000 after acquiring an additional 80,908 shares in the last quarter. Van ECK Associates Corp acquired a new position in SoundHound AI during the 4th quarter worth $1,204,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in SoundHound AI by 4.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 658,790 shares of the company’s stock worth $6,568,000 after acquiring an additional 29,917 shares in the last quarter. Polymer Capital Management HK LTD acquired a new position in SoundHound AI during the 4th quarter worth $122,000. Finally, Wells Fargo & Company MN grew its holdings in SoundHound AI by 29.9% during the 4th quarter. Wells Fargo & Company MN now owns 673,372 shares of the company’s stock worth $6,714,000 after acquiring an additional 154,842 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. HC Wainwright decreased their price objective on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, March 2nd. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Piper Sandler reissued a “neutral” rating and set a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th. Finally, DA Davidson reissued a “buy” rating and set a $14.00 price objective on shares of SoundHound AI in a report on Wednesday, April 22nd. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.93.

Insider Buying and Selling

In related news, SVP Majid Emami sold 31,019 shares of SoundHound AI stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $210,619.01. Following the sale, the senior vice president directly owned 501,826 shares in the company, valued at $3,407,398.54. This trade represents a 5.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 44,027 shares of SoundHound AI stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $298,943.33. Following the completion of the sale, the chief financial officer owned 1,661,121 shares in the company, valued at approximately $11,279,011.59. This represents a 2.58% decrease in their ownership of the stock. 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 worth $2,091,110. Company insiders own 8.84% of the company’s stock.

SoundHound AI Stock Performance

SoundHound AI stock opened at $8.41 on Friday. The firm’s 50-day moving average is $7.56 and its 200-day moving average is $9.83. SoundHound AI, Inc. has a 1 year low of $5.83 and a 1 year high of $22.17. The company has a market cap of $3.56 billion, a P/E ratio of -17.89 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The business had revenue of $44.20 million during the quarter, compared to the consensus estimate of $42.56 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. The company’s quarterly revenue was up 51.7% compared to the same quarter last year. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.34 earnings per share for the current 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.