Wealth Enhancement Advisory Services LLC Sells 7,362 Shares of SoundHound AI, Inc. $SOUN

Wealth Enhancement Advisory Services LLC cut its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 15.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,817 shares of the company’s stock after selling 7,362 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in SoundHound AI were worth $442,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of SoundHound AI by 9.5% during the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock worth $284,687,000 after buying an additional 3,028,281 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock worth $40,390,000 after acquiring an additional 2,274,105 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after acquiring an additional 1,085,473 shares in the last quarter. Nuveen LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at approximately $7,406,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at approximately $6,755,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of analyst reports. DA Davidson raised their target price on shares of SoundHound AI from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Wall Street Zen cut SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price on the stock in a report on Friday, August 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a research report on Saturday, September 27th. Finally, Oppenheimer started coverage on SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.36.

Insider Activity

In other news, insider James Ming Hom sold 42,119 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $673,904.00. Following the completion of the transaction, the insider owned 845,441 shares of the company’s stock, valued at approximately $13,527,056. This represents a 4.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 126,596 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $29,782,720.32. The trade was a 6.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 495,196 shares of company stock valued at $8,068,135. Corporate insiders own 9.17% of the company’s stock.

SoundHound AI Stock Up 2.2%

Shares of NASDAQ:SOUN opened at $18.25 on Tuesday. The firm has a market cap of $7.44 billion, a PE ratio of -28.97 and a beta of 2.60. The company’s 50 day moving average price is $14.17 and its two-hundred day moving average price is $11.37. SoundHound AI, Inc. has a 12-month low of $4.56 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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). 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 the consensus estimate of $32.88 million. During the same period in the prior year, the company earned ($0.11) EPS. The company’s revenue for the quarter was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

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.