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 6.09% valued currently at $27.29 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 8.81 million SoundHound AI Inc (SOUN) shares trading Friday and a closing price of $2.12 on the day, the dollar volume was approximately $18.69 million. The shares have shown a negative half year performance of -53.41% and its price on 12/29/23 lost nearly -4.93%. Currently, there are 246.92M common shares owned by the public and among those 203.08M shares have been available to trade.
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Insiders at the company have transacted a total of 54 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 40 occasions, with total insider shares sold totaling 21,088,294 shares.
The top 3 mutual fund holders in SoundHound AI Inc are Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Vanguard Information Technology I. Vanguard Total Stock Market ETF owns 6.12 million shares of the company’s stock, all valued at over $13.09 million. iShares Russell 2000 ETF bought 1662.0 shares to see its total holdings expand to 3.38 million shares valued at over $7.23 million and representing 1.61% of the shares outstanding. Vanguard Information Technology I bought 8054.0 shares to bring its total holdings to over 3.36 million shares at a value of $7.19 million. Vanguard Information Technology I now owns shares totaling to 1.61% of the shares outstanding.
However, the script later moved the day high at 2.2475, down -4.93%. The company’s stock has a 5-day price change of -0.47% and 5.47% over the past three months. SOUN shares are trading 19.77% year to date (YTD), with the 12-month market performance up to 112.00% higher. It has a 12-month low price of $0.96 and touched a high of $5.11 over the same period. SOUN has an average intraday trading volume of 7.87 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 -1.35%, 6.40%, and -14.03% respectively.
Institutional ownership of SoundHound AI Inc (NASDAQ: SOUN) shares accounts for 22.45% of the company’s 246.92M shares outstanding. Mutual fund holders own 14.30%, while other institutional holders and individual stakeholders account for 16.72% and 12.22% respectively.
It has a market capitalization of $523.47M 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 5.33% over the week and 6.53% 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.
