SoundHound AI, Inc. (NASDAQ:SOUN) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 448.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,342 shares of the company’s stock after buying an additional 80,403 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in SoundHound AI were worth $2,028,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SOUN. Tyler Stone Wealth Management acquired a new stake in shares of SoundHound AI during the 4th quarter valued at approximately $618,000. Zevenbergen Capital Investments LLC lifted its position in shares of SoundHound AI by 66.7% in the 4th quarter. Zevenbergen Capital Investments LLC now owns 22,500 shares of the company’s stock worth $446,000 after buying an additional 9,000 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of SoundHound AI by 8.9% in the 4th quarter. Prudential Financial Inc. now owns 21,130 shares of the company’s stock valued at $419,000 after buying an additional 1,720 shares during the period. Vanguard Group Inc. grew its position 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 valued at $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Finally, LPL Financial LLC raised its stake in SoundHound AI by 19.1% during the fourth quarter. LPL Financial LLC now owns 1,252,972 shares of the company’s stock worth $24,859,000 after acquiring an additional 200,763 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on SOUN shares. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson boosted their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. 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 report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, SoundHound AI has a consensus rating of “Hold” and an average price target of $12.86.

Insider Buying and Selling at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. This represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 138,895 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 value of $1,400,061.60. Following the transaction, the chief executive officer now directly owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. The trade was a 7.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by corporate insiders.

SoundHound AI Price Performance

Shares of SOUN opened at $8.20 on Wednesday. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The stock’s fifty day moving average is $11.51 and its 200-day moving average is $10.66. 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 capitalization of $3.27 billion, a price-to-earnings ratio of -22.78 and a beta of 2.62.

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 analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

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.