Northern Trust Corp Boosts Stock Holdings in SoundHound AI, Inc. $SOUN

Northern Trust Corp raised its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 2.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,979,011 shares of the company’s stock after purchasing an additional 72,766 shares during the period. Northern Trust Corp owned 0.75% of SoundHound AI worth $24,190,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SOUN. Orion Capital Management LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $30,000. Golden State Wealth Management LLC increased its position in 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 purchasing an additional 2,115 shares during the period. Larson Financial Group LLC increased its position in 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 purchasing an additional 2,959 shares during the period. Harbor Investment Advisory LLC increased its position in SoundHound AI by 387.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company’s stock valued at $61,000 after purchasing an additional 6,000 shares during the period. Finally, NBC Securities Inc. increased its position in SoundHound AI by 127,900.0% during the 1st quarter. NBC Securities Inc. now owns 7,680 shares of the company’s stock valued at $62,000 after purchasing an additional 7,674 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Up 3.9%

NASDAQ:SOUN opened at $13.02 on Monday. The company has a market cap of $5.31 billion, a PE ratio of -20.67 and a beta of 2.58. SoundHound AI, Inc. has a twelve month low of $4.32 and a twelve month high of $24.98. The company’s 50 day moving average is $12.00 and its two-hundred day moving average is $10.35.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The company had revenue of $42.68 million for 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 revenue for the quarter was up 216.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Diana Sroka sold 2,800 shares of SoundHound AI stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the sale, the director directly owned 153,949 shares in the company, valued at approximately $1,530,253.06. The trade was a 1.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Michael Zagorsek sold 117,180 shares of SoundHound AI stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the sale, the chief operating officer owned 1,346,455 shares of the company’s stock, valued at approximately $12,602,818.80. The trade was a 8.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 913,317 shares of company stock worth $8,679,813 in the last 90 days. 9.17% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SOUN shares. Northland Securities raised shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective on the stock in a research report on Friday, August 8th. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. HC Wainwright cut their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Finally, Wall Street Zen downgraded shares of SoundHound AI from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.36.

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.