Geode Capital Management LLC Raises Holdings in SoundHound AI, Inc. $SOUN

Geode Capital Management LLC grew its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 8.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,830,144 shares of the company’s stock after buying an additional 679,436 shares during the quarter. Geode Capital Management LLC owned 2.20% of SoundHound AI worth $94,759,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC raised its holdings in SoundHound AI by 60.6% in the first quarter. CWM LLC now owns 21,458 shares of the company’s stock valued at $174,000 after acquiring an additional 8,098 shares in the last quarter. Victory Capital Management Inc. grew its holdings in SoundHound AI by 308.4% during the 1st quarter. Victory Capital Management Inc. now owns 163,713 shares of the company’s stock worth $1,329,000 after acquiring an additional 123,623 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in shares of SoundHound AI by 27.5% in the 1st quarter. Kestra Private Wealth Services LLC now owns 16,975 shares of the company’s stock valued at $138,000 after purchasing an additional 3,665 shares during the last quarter. PFG Advisors acquired a new stake in shares of SoundHound AI in the 1st quarter valued at $106,000. Finally, Readystate Asset Management LP purchased a new stake in shares of SoundHound AI during the 1st quarter worth $117,000. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

SOUN opened at $11.22 on Friday. SoundHound AI, Inc. has a one year low of $6.52 and a one year high of $24.98. The stock has a market capitalization of $4.57 billion, a P/E ratio of -13.36 and a beta of 2.60. The business’s 50-day simple moving average is $16.32 and its 200-day simple moving average is $13.16.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The firm had revenue of $42.05 million for the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The firm’s quarterly revenue was up 67.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.04) EPS. SoundHound AI has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, COO Michael Zagorsek sold 69,837 shares of SoundHound AI stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $1,117,392.00. Following the transaction, the chief operating officer directly owned 1,860,790 shares of the company’s stock, valued at $29,772,640. The trade was a 3.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Nitesh Sharan sold 126,596 shares of the company’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.58, for a total transaction of $2,098,961.68. Following the completion of the sale, the chief financial officer owned 1,796,304 shares of the company’s stock, valued at approximately $29,782,720.32. This trade represents a 6.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 787,260 shares of company stock valued at $13,973,056. 9.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on SOUN. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Piper Sandler upped their price objective on SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Wedbush reiterated an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. HC Wainwright raised their target price on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price for the company in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.42.

SoundHound AI Profile

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.