Mitsubishi UFJ Asset Management Co. Ltd. Raises Holdings in SoundHound AI, Inc. $SOUN

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 140.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 266,576 shares of the company’s stock after acquiring an additional 155,743 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in SoundHound AI were worth $2,826,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in SoundHound AI by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after purchasing an additional 1,909,868 shares during the period. State Street Corp increased its holdings in SoundHound AI by 9.1% during the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company’s stock worth $90,951,000 after purchasing an additional 708,369 shares during the period. UBS Group AG increased its holdings in SoundHound AI by 77.6% during the 4th quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock worth $61,059,000 after purchasing an additional 2,676,707 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in SoundHound AI by 13.4% during 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 purchasing an additional 672,714 shares during the period. Finally, Northern Trust Corp increased its holdings in SoundHound AI by 1.2% during the 3rd quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock worth $51,161,000 after purchasing an additional 38,966 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 31,019 shares of the company’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $210,619.01. Following the completion of the sale, the insider directly owned 772,364 shares of the company’s stock, valued at $5,244,351.56. This represents a 3.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Nitesh Sharan sold 44,027 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $298,943.33. Following the completion of the sale, the chief financial officer directly owned 1,661,121 shares of the company’s stock, valued at approximately $11,279,011.59. This trade represents a 2.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 307,973 shares of company stock worth $2,091,110. Insiders own 8.84% of the company’s stock.

SoundHound AI Stock Down 4.8%

Shares of NASDAQ SOUN opened at $8.45 on Tuesday. The stock has a market cap of $3.57 billion, a PE ratio of -17.98 and a beta of 2.58. SoundHound AI, Inc. has a 52-week low of $5.83 and a 52-week high of $22.17. The business has a 50-day moving average price of $7.57 and a 200 day moving average price of $10.04.

SoundHound AI (NASDAQ:SOUN) last announced its 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). The firm had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 41.46%. The firm’s revenue for the quarter was up 51.7% compared to the same quarter last year. During the same period last year, the company earned ($0.06) earnings per share. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

SOUN has been the topic of several recent research reports. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. HC Wainwright dropped their price objective on SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Piper Sandler reiterated a “neutral” rating and issued a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th. Finally, DA Davidson reiterated a “buy” rating and issued a $14.00 price objective on shares of SoundHound AI in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.93.

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.