Patriot Financial Group Insurance Agency LLC Boosts Stake in SoundHound AI, Inc. $SOUN

Patriot Financial Group Insurance Agency LLC grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 54.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 73,786 shares of the company’s stock after buying an additional 26,111 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in SoundHound AI were worth $792,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in SOUN. AlphaQuest LLC purchased a new stake in shares of SoundHound AI during the 1st quarter valued at $32,000. Golden State Wealth Management LLC raised its position in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock valued at $34,000 after buying an additional 2,115 shares in the last quarter. Kozak & Associates Inc. raised its position in shares of SoundHound AI by 6,249.0% during the 2nd quarter. Kozak & Associates Inc. now owns 3,238 shares of the company’s stock valued at $35,000 after buying an additional 3,187 shares in the last quarter. Quarry LP raised its position in shares of SoundHound AI by 1,552.7% during the 1st quarter. Quarry LP now owns 5,272 shares of the company’s stock valued at $43,000 after buying an additional 4,953 shares in the last quarter. Finally, Larson Financial Group LLC raised its position in shares of SoundHound AI by 72.7% during the 1st quarter. Larson Financial Group LLC now owns 7,027 shares of the company’s stock valued at $57,000 after buying an additional 2,959 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insiders Place Their Bets

In other SoundHound AI news, CFO Nitesh Sharan sold 126,596 shares of SoundHound AI stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.58, for a total value of $2,098,961.68. Following the completion of the transaction, the chief financial officer directly owned 1,796,304 shares of the company’s stock, valued at approximately $29,782,720.32. The trade was a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Ming Hom sold 42,119 shares of SoundHound AI stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $16.00, for a total transaction of $673,904.00. Following the completion of the transaction, the insider directly owned 845,441 shares of the company’s stock, valued at $13,527,056. This trade represents a 4.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 495,196 shares of company stock valued at $8,068,135. 9.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on SOUN. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a “neutral” rating to a “buy” rating and raised their price objective for the company from $9.00 to $16.00 in a research report on Monday, August 11th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of SoundHound AI in a report on Wednesday, September 17th. Wall Street Zen lowered shares of SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 target price on shares of SoundHound AI in a report on Monday, July 14th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $14.36.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $17.85 on Friday. The stock has a market capitalization of $7.28 billion, a PE ratio of -28.33 and a beta of 2.60. SoundHound AI, Inc. has a 52-week low of $4.56 and a 52-week high of $24.98. The company has a 50-day simple moving average of $14.03 and a two-hundred day simple moving average of $11.29.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The firm had revenue of $42.68 million during the quarter, compared to analysts’ expectations of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The firm’s quarterly revenue was up 216.3% on a year-over-year basis. During the same period last year, the firm posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS 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.