SoundHound AI, Inc. $SOUN Holdings Lifted by Russell Investments Group Ltd.

Russell Investments Group Ltd. boosted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 45.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,576 shares of the company’s stock after buying an additional 2,978 shares during the quarter. Russell Investments Group Ltd.’s holdings in SoundHound AI were worth $78,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Allworth Financial LP lifted its holdings in shares of SoundHound AI by 11.6% during the first quarter. Allworth Financial LP now owns 11,062 shares of the company’s stock valued at $90,000 after purchasing an additional 1,153 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of SoundHound AI by 13.7% during the first quarter. Amalgamated Bank now owns 11,162 shares of the company’s stock valued at $91,000 after purchasing an additional 1,343 shares during the last quarter. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $30,000. Janney Montgomery Scott LLC lifted its holdings in shares of SoundHound AI by 7.3% during the first quarter. Janney Montgomery Scott LLC now owns 22,193 shares of the company’s stock valued at $180,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Kraematon Investment Advisors Inc. lifted its holdings in shares of SoundHound AI by 8.9% during the first quarter. Kraematon Investment Advisors Inc. now owns 19,500 shares of the company’s stock valued at $158,000 after purchasing an additional 1,600 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SOUN opened at $12.74 on Thursday. SoundHound AI, Inc. has a fifty-two week low of $4.32 and a fifty-two week high of $24.98. The business has a 50-day moving average of $12.21 and a 200-day moving average of $10.40. The company has a market capitalization of $5.19 billion, a PE ratio of -20.22 and a beta of 2.58.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Wall Street Zen downgraded SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. HC Wainwright reduced their target price on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a report on Monday, May 12th. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and upped their target price for the company from $9.00 to $16.00 in a report on Monday, August 11th. Finally, Wedbush increased their price objective on SoundHound AI from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.36.

Insider Buying and Selling at SoundHound AI

In other news, insider James Ming Hom sold 79,530 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the transaction, the insider owned 637,560 shares of the company’s stock, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Majid Emami sold 132,352 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total value of $1,328,814.08. Following the transaction, the vice president directly owned 537,482 shares in the company, valued at approximately $5,396,319.28. This represents a 19.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 913,317 shares of company stock worth $8,679,813 in the last 90 days. Company insiders own 9.17% of the company’s stock.

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.