831,845 Shares in SoundHound AI, Inc. $SOUN Acquired by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC acquired 831,845 shares of SoundHound AI, Inc., valued at approximately $6.8 million, representing a 0.21% stake in the company.
• Several institutional investors, including Royal Bank of Canada and Quarry LP, significantly increased their holdings in SoundHound AI by over 70% during the first quarter.
• Research analysts have mixed ratings for SoundHound AI, with one "Strong Buy," five "Buy," and three "Hold" ratings, leading to an average rating of "Moderate Buy" and a consensus price target of $13.36.

Cubist Systematic Strategies LLC purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 831,845 shares of the company's stock, valued at approximately $6,755,000. Cubist Systematic Strategies LLC owned approximately 0.21% of SoundHound AI as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of SOUN. Orion Capital Management LLC bought a new position in shares of SoundHound AI in the 4th quarter worth $30,000. AlphaQuest LLC purchased a new stake in SoundHound AI in the 1st quarter valued at $32,000. Golden State Wealth Management LLC raised its stake in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after purchasing an additional 2,115 shares during the period. Quarry LP raised its stake in shares of SoundHound AI by 1,552.7% during the 1st quarter. Quarry LP now owns 5,272 shares of the company's stock worth $43,000 after purchasing an additional 4,953 shares during the period. Finally, Larson Financial Group LLC raised its stake in shares of SoundHound AI by 72.7% during the 1st quarter. Larson Financial Group LLC now owns 7,027 shares of the company's stock worth $57,000 after purchasing an additional 2,959 shares during the period. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SOUN. Northland Securities upgraded SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price on the stock in a research note on Friday, August 8th. HC Wainwright decreased their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $9.00 to $16.00 in a report on Monday, August 11th. Wall Street Zen lowered SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Finally, Northland Capmk raised SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, SoundHound AI presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.36.

SoundHound AI Price Performance

SOUN stock traded down $0.68 during mid-day trading on Wednesday, reaching $12.74. 64,956,757 shares of the company traded hands, compared to its average volume of 59,562,548. The company has a market capitalization of $5.19 billion, a P/E ratio of -20.22 and a beta of 2.58. SoundHound AI, Inc. has a 52-week low of $4.32 and a 52-week high of $24.98. The company has a fifty day moving average price of $12.21 and a 200-day moving average price of $10.40.

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

Insider Activity

In other news, CFO Nitesh Sharan sold 111,111 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the completion of the sale, the chief financial officer owned 1,442,900 shares in the company, valued at approximately $13,505,544. This trade represents a 7.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Michael Zagorsek sold 117,180 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,096,804.80. Following the sale, the chief operating officer owned 1,346,455 shares of the company's stock, valued at approximately $12,602,818.80. This trade represents a 8.01% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 913,317 shares of company stock worth $8,679,813. Company insiders own 9.17% of the company's stock.

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.