Mirae Asset Global Investments Co. Ltd. Boosts Stock Position in SoundHound AI, Inc. $SOUN

Mirae Asset Global Investments Co. Ltd. raised its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 7.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,033 shares of the company’s stock after purchasing an additional 4,258 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in SoundHound AI were worth $666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kozak & Associates Inc. grew its stake in SoundHound AI by 6,249.0% in the second quarter. Kozak & Associates Inc. now owns 3,238 shares of the company’s stock valued at $35,000 after purchasing an additional 3,187 shares during the last quarter. AlphaQuest LLC purchased a new position in SoundHound AI in the first quarter valued at about $32,000. Golden State Wealth Management LLC grew its stake in SoundHound AI by 100.0% in the first 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 last quarter. Quarry LP grew its stake in SoundHound AI by 1,552.7% in the first quarter. Quarry LP now owns 5,272 shares of the company’s stock valued at $43,000 after purchasing an additional 4,953 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in SoundHound AI by 72.7% in the first 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 last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Down 6.6%

Shares of NASDAQ:SOUN opened at $17.36 on Friday. SoundHound AI, Inc. has a 12-month low of $4.74 and a 12-month high of $24.98. The company has a market capitalization of $7.08 billion, a PE ratio of -27.56 and a beta of 2.60. The business has a 50 day moving average of $14.80 and a two-hundred day moving average of $11.57.

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

Analyst Upgrades and Downgrades

SOUN has been the subject of several recent analyst reports. Wedbush reissued an “outperform” rating and issued a $16.00 price target on shares of SoundHound AI in a report on Thursday, September 11th. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of SoundHound AI in a report on Wednesday, September 17th. Oppenheimer initiated coverage on SoundHound AI in a report on Thursday, September 11th. They issued a “market perform” rating for the company. Wall Street Zen downgraded SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Piper Sandler reissued a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.36.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 42,119 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $673,904.00. Following the completion of the transaction, the vice president directly owned 685,538 shares of the company’s stock, valued at approximately $10,968,608. The trade was a 5.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 138,523 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $2,216,368.00. Following the completion of the transaction, the chief executive officer directly owned 2,461,267 shares of the company’s stock, valued at $39,380,272. The trade was a 5.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 725,541 shares of company stock valued at $12,675,035 in the last three months. 9.17% of the stock is currently owned by company insiders.

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.