Raymond James Financial Inc. Makes New $6.83 Million Investment in SoundHound AI, Inc. (NASDAQ:SOUN)

Raymond James Financial Inc. bought a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 344,243 shares of the company’s stock, valued at approximately $6,830,000. Raymond James Financial Inc. owned 0.09% of SoundHound AI at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC increased its position in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $40,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $40,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. This represents a 7.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 12.28% of the company’s stock.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research analyst reports. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson boosted their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. HC Wainwright reissued a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Price Performance

SOUN stock opened at $9.86 on Monday. SoundHound AI, Inc. has a 1 year low of $3.50 and a 1 year high of $24.98. 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 stock’s 50 day moving average price is $12.19 and its 200 day moving average price is $10.44. The firm has a market cap of $3.88 billion, a P/E ratio of -27.39 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 business had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal 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.