SoundHound AI, Inc. $SOUN Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 252.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 218,868 shares of the company’s stock after purchasing an additional 156,835 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in SoundHound AI were worth $3,519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Sound Income Strategies LLC lifted its position in SoundHound AI by 37.3% during the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after buying an additional 575 shares in the last quarter. Investors Research Corp increased its stake in shares of SoundHound AI by 62.4% in the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after acquiring an additional 700 shares during the last quarter. EP Wealth Advisors LLC raised its holdings in shares of SoundHound AI by 5.3% during the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after acquiring an additional 706 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of SoundHound AI by 4.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock valued at $248,000 after acquiring an additional 880 shares during the last quarter. Finally, Belpointe Asset Management LLC boosted its position in shares of SoundHound AI by 9.6% during the 2nd quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company’s stock valued at $123,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 60,780 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $685,598.40. Following the sale, the chief financial officer owned 1,705,148 shares in the company, valued at approximately $19,234,069.44. The trade was a 3.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Majid Emami sold 32,741 shares of the firm’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $10.66, for a total value of $349,019.06. Following the transaction, the senior vice president owned 532,845 shares of the company’s stock, valued at $5,680,127.70. This trade represents a 5.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 462,265 shares of company stock worth $5,216,518. 9.17% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SOUN shares. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Zacks Research lowered shares of SoundHound AI from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Piper Sandler lowered their price objective on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $13.00 to $15.00 in a research note on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.07.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $8.42 on Tuesday. The firm has a market cap of $3.54 billion, a P/E ratio of -10.02 and a beta of 2.65. The firm’s 50 day moving average price is $11.00 and its 200-day moving average price is $13.43. SoundHound AI, Inc. has a one year low of $6.52 and a one year high of $22.17.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) 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 in the previous year, the company earned ($0.04) earnings per share. The firm’s quarterly revenue was up 67.6% compared to the same quarter last year. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

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.