The Vanguard Group, Inc. recently announced the acquisition of new stake in SoundHound AI Inc (NASDAQ:SOUN). The institutional investor has increased its shareholding in the Technology company by 18.98% to 12.75 million shares with purchase of 2.03 million shares. This fresh investment now brings its stake to 6.28% valued currently at $20.28 million. In addition, BlackRock Fund Advisors raised its holdings by 1.67 million to 10.41 million shares. And SSgA Funds Management, Inc. has lifted its position by 44.94% or 1.22 million shares – to 3.94 million shares.
With over 7.72 million SoundHound AI Inc (SOUN) shares trading Monday and a closing price of $2.28 on the day, the dollar volume was approximately $17.59 million. The shares have shown a negative half year performance of -15.24% and its price on 12/04/23 lost nearly -0.87%.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for SOUN have a consensus price objective of $4.52. The analysts have set the share’s price value over the next 12 months at a high of $5.00 and a low of $3.60. The average price target is 49.56% above its recent price level and an upside to the estimated low will see the stock gain 36.67% over that period. But an upside of 54.4% will see the stock hit the forecast high price target while median target price for the stock is $5.00.
Insiders at the company have transacted a total of 55 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 2,159,475 shares. Insider sales of the common stock occurred on 41 occasions, with total insider shares sold totaling 21,091,679 shares.
The top 3 mutual fund holders in SoundHound AI Inc are Vanguard Total Stock Market ETF, Vanguard Information Technology I, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 6.12 million shares of the company’s stock, all valued at over $9.73 million. The company bought an additional 0.38 million shares recently to bring their total holdings to about 3.01% of the shares outstanding. Vanguard Information Technology I sold 6641.0 shares to see its total holdings shrink to 3.35 million shares valued at over $5.33 million and representing 1.65% of the shares outstanding. iShares Russell 2000 ETF sold 32686.0 shares to bring its total holdings to over 3.25 million shares at a value of $5.17 million. iShares Russell 2000 ETF now owns shares totaling to 1.60% of the shares outstanding.
Shares of SoundHound AI Inc (NASDAQ: SOUN) opened at $2.29, down -$0.01 from a prior closing price of $2.30. However, the script later moved the day high at 2.3800, down -0.87%. The company’s stock has a 5-day price change of 2.24% and -7.32% over the past three months. SOUN shares are trading 28.81% year to date (YTD), with the 12-month market performance up to 82.40% higher. It has a 12-month low price of $0.93 and touched a high of $5.11 over the same period. SOUN has an average intraday trading volume of 8.30 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.30%, 20.00%, and -10.52% respectively.
Institutional ownership of SoundHound AI Inc (NASDAQ: SOUN) shares accounts for 147.88% of the company’s 160.30M shares outstanding. Mutual fund holders own 14.60%, while other institutional holders and individual stakeholders account for 17.36% and 12.73% respectively.
It has a market capitalization of $85.48M and a beta (3y monthly) value of 1.04. The earnings-per-share (ttm) stands at -$0.47. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.07% over the week and 8.58% over the month.
Analysts forecast that SoundHound AI Inc (SOUN) will achieve an EPS of -$0.06 for the current quarter, -$0.07 for the next quarter and -$0.24 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.07 while analysts give the company a high EPS estimate of -$0.03. Comparatively, EPS for the current quarter was -$0.15 a year ago. Earnings per share for the fiscal year are expected to increase by 49.32%, and 34.46% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate SoundHound AI Inc (SOUN) as a “Strong Buy” at a consensus score of 1.00. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SOUN, a number of firms have released research notes about the stock. DA Davidson stated their Buy rating for the stock in a research note on September 27, 2023, with the firm’s price target at $5.
