Federated Hermes Inc. Acquires Shares of 10,859 SoundHound AI, Inc. (NASDAQ:SOUN)

Federated Hermes Inc. bought a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 10,859 shares of the company’s stock, valued at approximately $215,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SOUN. Vanguard Group Inc. raised its stake in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the period. Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund bought a new stake in SoundHound AI in the fourth quarter worth about $8,964,000. Wellington Management Group LLP purchased a new position in SoundHound AI in the fourth quarter valued at about $7,789,000. Finally, Raymond James Financial Inc. bought a new position in shares of SoundHound AI during the 4th quarter valued at approximately $6,830,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity

In other news, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction dated 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. This trade represents a 2.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was 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 owns 638,456 shares in the company, valued at approximately $6,544,174. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock worth $4,999,726 in the last three months. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $7.84 on Friday. SoundHound AI, Inc. has a 52-week low of $3.50 and a 52-week high of $24.98. The business’s fifty day moving average is $9.41 and its 200 day moving average is $10.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of -21.76 and a beta of 2.73.

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

SoundHound AI Company Profile

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.