KLP Kapitalforvaltning AS Purchases 10,600 Shares of SoundHound AI, Inc. $SOUN

KLP Kapitalforvaltning AS lifted its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 16.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 76,600 shares of the company’s stock after buying an additional 10,600 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in SoundHound AI were worth $822,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in SOUN. GAMMA Investing LLC grew its stake in shares of SoundHound AI by 1,477.7% in the 1st quarter. GAMMA Investing LLC now owns 11,912 shares of the company’s stock valued at $97,000 after buying an additional 11,157 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of SoundHound AI by 7.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,193 shares of the company’s stock valued at $180,000 after buying an additional 1,502 shares in the last quarter. Insigneo Advisory Services LLC bought a new stake in shares of SoundHound AI in the 1st quarter valued at approximately $94,000. Kingswood Wealth Advisors LLC grew its stake in shares of SoundHound AI by 58.2% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 25,275 shares of the company’s stock valued at $207,000 after buying an additional 9,300 shares in the last quarter. Finally, Silverleafe Capital Partners LLC grew its stake in shares of SoundHound AI by 21.1% in the 1st quarter. Silverleafe Capital Partners LLC now owns 23,000 shares of the company’s stock valued at $187,000 after buying an additional 4,000 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 3.0%

Shares of SOUN stock opened at $20.76 on Friday. SoundHound AI, Inc. has a 12 month low of $4.86 and a 12 month high of $24.98. The firm has a market cap of $8.46 billion, a PE ratio of -32.95 and a beta of 2.60. The stock has a 50 day moving average of $15.58 and a 200-day moving average of $11.90.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) EPS 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 business had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. During the same quarter last year, the firm earned ($0.11) earnings per share. The firm’s quarterly revenue was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SOUN. Wedbush reissued an “outperform” rating and issued a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. LADENBURG THALM/SH SH upgraded SoundHound AI from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $9.00 to $16.00 in a report on Monday, August 11th. Oppenheimer assumed coverage on SoundHound AI in a report on Thursday, September 11th. They issued a “market perform” rating for the company. Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $15.50.

Insider Activity at SoundHound AI

In other news, COO Michael Zagorsek sold 69,837 shares of the company’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 transaction of $1,117,392.00. Following the completion of the transaction, the chief operating officer directly owned 1,860,790 shares in the company, valued at $29,772,640. The trade was a 3.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 138,523 shares of the company’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 $2,216,368.00. Following the transaction, the chief executive officer owned 2,461,267 shares of the company’s stock, valued at approximately $39,380,272. This trade represents a 5.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 785,917 shares of company stock valued at $13,955,610. 9.17% of the stock is owned by corporate 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.