First Manhattan CO. LLC. Takes Position in SoundHound AI, Inc. $SOUN

Key Points

• First Manhattan CO. LLC purchased 121,359 shares of SoundHound AI, valued at approximately $985,000, reflecting a significant investment in the company.
• SoundHound AI's revenue increased by 216.3% year-over-year, reporting $42.68 million, although it missed earnings expectations with a reported loss per share of ($0.19).
• Insider trading has seen executives sell a total of 913,317 shares recently, indicating a possible shift in their ownership stakes in the company.

First Manhattan CO. LLC. purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 121,359 shares of the company's stock, valued at approximately $985,000.

Several other hedge funds have also bought and sold shares of SOUN. Orion Capital Management LLC bought a new stake in SoundHound AI in the 4th quarter worth approximately $30,000. AlphaQuest LLC bought a new stake in SoundHound AI in the 1st quarter worth approximately $32,000. Golden State Wealth Management LLC increased its stake in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after acquiring an additional 2,115 shares during the last quarter. Quarry LP increased its stake in SoundHound AI by 1,552.7% in the 1st quarter. Quarry LP now owns 5,272 shares of the company's stock worth $43,000 after acquiring an additional 4,953 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in SoundHound AI by 72.7% in the 1st quarter. Larson Financial Group LLC now owns 7,027 shares of the company's stock worth $57,000 after acquiring 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 Stock Up 3.6%

SoundHound AI stock traded up $0.51 during midday trading on Monday, reaching $14.77. The stock had a trading volume of 35,607,566 shares, compared to its average volume of 42,872,883. SoundHound AI, Inc. has a 52-week low of $4.40 and a 52-week high of $24.98. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of -23.32 and a beta of 2.58. The company has a fifty day moving average of $12.36 and a 200 day moving average of $10.43.

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

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of research reports. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and upped their target price for the company from $9.00 to $16.00 in a research report on Monday, August 11th. Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price on the stock in a research report on Friday, August 8th. Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Piper Sandler restated a "neutral" rating and set a $12.00 target price on shares of SoundHound AI in a research report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.36.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the transaction, the insider directly owned 637,560 shares in the company, valued at $5,967,561.60. This represents a 11.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Majid Emami sold 132,352 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the transaction, the vice president owned 537,482 shares in the company, valued at $5,396,319.28. This represents a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 913,317 shares of company stock worth $8,679,813. 9.17% of the stock is 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.