First Trust Advisors LP Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

First Trust Advisors LP purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 260,043 shares of the company’s stock, valued at approximately $5,159,000. First Trust Advisors LP owned approximately 0.07% of SoundHound AI at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SOUN. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in SoundHound AI during the 4th quarter valued at $41,595,000. Invesco Ltd. increased its holdings in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock worth $27,426,000 after purchasing an additional 1,289,360 shares in the last quarter. Capital Fund Management S.A. purchased a new position in shares of SoundHound AI in the fourth quarter worth $16,092,000. Finally, Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI during the fourth quarter valued at $8,964,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 51,196 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. This trade represents a 7.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Diana Sroka sold 3,402 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the sale, the director now owns 138,850 shares in the company, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 500,565 shares of company stock worth $4,999,726. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Stock Down 1.5 %

NASDAQ SOUN opened at $9.15 on Friday. The stock’s 50-day moving average price is $8.94 and its 200-day moving average price is $11.13. The company has a market capitalization of $3.65 billion, a P/E ratio of -25.42 and a beta of 2.73. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 52 week low of $3.82 and a 52 week high of $24.98.

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

Wall Street Analyst Weigh In

SOUN has been the subject of several research reports. DA Davidson decreased their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th. HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $12.43.

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.