Warm Springs Advisors Inc. Takes Position in SoundHound AI, Inc. $SOUN

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

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in SoundHound AI by 16.4% in the third quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock valued at $698,798,000 after purchasing an additional 6,132,648 shares in the last quarter. State Street Corp grew its stake in SoundHound AI by 9.1% in the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company’s stock worth $90,951,000 after buying an additional 708,369 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of SoundHound AI by 13.4% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock worth $91,604,000 after buying an additional 672,714 shares during the last quarter. Northern Trust Corp increased its holdings in shares of SoundHound AI by 1.2% in the 3rd quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock worth $51,161,000 after buying an additional 38,966 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position 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 valued at $21,434,000 after buying an additional 1,085,473 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SOUN has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Friday, January 9th. HC Wainwright lowered their price target on SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. DA Davidson set a $14.00 price target on SoundHound AI in a research note on Thursday, January 8th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Finally, Piper Sandler reiterated a “neutral” rating and set a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $14.93.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $8.32 on Tuesday. SoundHound AI, Inc. has a 52-week low of $5.83 and a 52-week high of $22.17. The company has a fifty day moving average of $7.43 and a 200-day moving average of $11.01. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -166.37 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). SoundHound AI had a negative net margin of 8.71% and a negative return on equity of 3.63%. The company had revenue of $55.06 million for the quarter, compared to analysts’ expectations of $53.88 million. During the same quarter last year, the company earned ($0.05) EPS. The firm’s revenue was up 59.4% compared to the same quarter last year. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Majid Emami sold 31,019 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $210,619.01. Following the completion of the sale, the senior vice president directly owned 501,826 shares in the company, valued at $3,407,398.54. This represents a 5.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James Ming Hom sold 31,019 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $210,619.01. Following the transaction, the insider owned 772,364 shares in the company, valued at approximately $5,244,351.56. The trade was a 3.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 307,973 shares of company stock worth $2,091,110 in the last 90 days. 9.17% of the stock is currently owned by company insiders.

SoundHound AI Company 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.