Burr Financial Services LLC Acquires 53,465 Shares of SoundHound AI, Inc. $SOUN

Burr Financial Services LLC grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 294.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,649 shares of the company’s stock after purchasing an additional 53,465 shares during the quarter. SoundHound AI comprises about 0.9% of Burr Financial Services LLC’s portfolio, making the stock its 15th biggest position. Burr Financial Services LLC’s holdings in SoundHound AI were worth $1,152,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Investors Research Corp lifted its stake in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after buying an additional 700 shares during the period. Sound Income Strategies LLC increased its stake in shares of SoundHound AI by 37.3% in the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after acquiring an additional 575 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of SoundHound AI by 83.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,060 shares during the period. Advisors Asset Management Inc. lifted its position in shares of SoundHound AI by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock valued at $27,000 after acquiring an additional 1,023 shares during the period. Finally, Huntington National Bank boosted its stake in SoundHound AI by 48.8% during the second quarter. Huntington National Bank now owns 3,050 shares of the company’s stock worth $33,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Activity

In other news, CTO Timothy Stonehocker sold 70,524 shares of the company’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $1,410,480.00. Following the completion of the sale, the chief technology officer owned 606,525 shares in the company, valued at $12,130,500. This represents a 10.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 60,376 shares of the stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $21.21, for a total transaction of $1,280,574.96. Following the completion of the sale, the chief financial officer owned 1,765,928 shares of the company’s stock, valued at approximately $37,455,332.88. This represents a 3.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 292,064 shares of company stock valued at $5,904,921 over the last quarter. 9.17% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on SOUN shares. HC Wainwright lifted their price target on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Wedbush reaffirmed an “outperform” rating and set a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. DA Davidson reissued a “buy” rating and issued a $17.00 price objective on shares of SoundHound AI in a research note on Tuesday, November 18th. Finally, Piper Sandler boosted their price objective on SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $17.07.

SoundHound AI Stock Performance

Shares of SOUN opened at $10.70 on Monday. The stock has a 50 day moving average price of $13.38 and a two-hundred day moving average price of $13.46. The firm has a market capitalization of $4.50 billion, a P/E ratio of -12.74 and a beta of 2.63. SoundHound AI, Inc. has a 52 week low of $6.52 and a 52 week high of $24.81.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The company had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. During the same quarter last year, the company earned ($0.04) earnings per share. The company’s revenue for the quarter was up 67.6% on a year-over-year basis. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

SoundHound AI Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.