SG Americas Securities LLC Acquires Shares of 233,769 SoundHound AI, Inc. $SOUN

SG Americas Securities LLC purchased a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the first quarter, Holdings Channel reports. The firm purchased 233,769 shares of the company’s stock, valued at approximately $1,606,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of SoundHound AI by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after purchasing an additional 1,909,868 shares during the last quarter. Rakuten Securities Inc. lifted its stake in SoundHound AI by 877.9% in the fourth quarter. Rakuten Securities Inc. now owns 333,605 shares of the company’s stock valued at $3,326,000 after purchasing an additional 299,492 shares during the last quarter. Clear Street Group Inc. bought a new position in shares of SoundHound AI during the 3rd quarter worth $12,944,000. UBS Group AG boosted its position in SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock worth $61,059,000 after purchasing an additional 2,676,707 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in SoundHound AI by 140.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 266,576 shares of the company’s stock worth $2,826,000 after buying an additional 155,743 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $6.56 on Friday. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -13.96 and a beta of 2.62. SoundHound AI, Inc. has a 1-year low of $5.83 and a 1-year high of $22.17. The business has a 50 day moving average of $7.79 and a 200 day moving average of $8.39.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The business had revenue of $44.20 million for the quarter, compared to the consensus estimate of $42.56 million. During the same period in the prior year, the business posted ($0.06) EPS. SoundHound AI’s revenue for the quarter was up 51.7% on a year-over-year basis. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SOUN. DA Davidson reiterated a “buy” rating and issued a $14.00 price target on shares of SoundHound AI in a research report on Wednesday, April 22nd. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.93.

Insider Activity

In related news, CTO Timothy Stonehocker sold 18,802 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $140,262.92. Following the sale, the chief technology officer directly owned 502,290 shares of the company’s stock, valued at $3,747,083.40. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Zagorsek sold 64,994 shares of SoundHound AI stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $484,855.24. Following the completion of the sale, the chief operating officer owned 1,669,497 shares in the company, valued at approximately $12,454,447.62. This represents a 3.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 268,022 shares of company stock valued at $1,999,444. Corporate insiders own 8.84% of the company’s stock.

About SoundHound AI

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.