Bleakley Financial Group LLC Has $206,000 Position in SoundHound AI, Inc. $SOUN

Key Points

• Bleakley Financial Group LLC sharply reduced its SoundHound AI stake by 74.4% in Q1, leaving it with 30,039 shares valued at about $206,000.
• Several other institutional investors made small or increased positions, and institutional ownership stands at 19.28%.
• Analysts remain mixed but broadly constructive: SoundHound AI has a “Moderate Buy” consensus with a $14.93 average price target, though insiders have recently sold shares and the stock has been volatile.

Bleakley Financial Group LLC lessened its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 74.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,039 shares of the company's stock after selling 87,249 shares during the quarter. Bleakley Financial Group LLC's holdings in SoundHound AI were worth $206,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Danske Bank A S acquired a new position in shares of SoundHound AI in the third quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. increased its position in SoundHound AI by 83.1% in 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. Dogwood Wealth Management LLC increased its position in SoundHound AI by 152.1% in the 4th quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company's stock valued at $26,000 after acquiring an additional 1,544 shares during the period. SHP Wealth Management bought a new position in shares of SoundHound AI during the fourth quarter valued at $27,000. Finally, Parallel Advisors LLC lifted its holdings in shares of SoundHound AI by 42.8% during the third quarter. Parallel Advisors LLC now owns 3,204 shares of the company's stock worth $52,000 after purchasing an additional 960 shares during the period. 19.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Weiss Ratings restated a "sell (e+)" rating on shares of SoundHound AI in a report on Monday, June 15th. DA Davidson reaffirmed a "buy" rating and set a $14.00 target price on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI to a "strong-buy" rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and a consensus price target of $14.93.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 64,994 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $484,855.24. Following the completion of the sale, the chief operating officer directly owned 1,669,497 shares in the company, valued at approximately $12,454,447.62. This trade represents a 3.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Timothy Stonehocker sold 18,802 shares of SoundHound AI 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 completion of the transaction, the chief technology officer directly owned 502,290 shares of the company's stock, valued at approximately $3,747,083.40. This trade represents a 3.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 268,022 shares of company stock valued at $1,999,444. 8.84% of the stock is owned by corporate insiders.

SoundHound AI Stock Performance

SoundHound AI stock opened at $6.26 on Monday. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -13.32 and a beta of 2.62. SoundHound AI, Inc. has a 52-week low of $5.83 and a 52-week high of $22.17. The firm has a 50 day moving average price of $7.37 and a two-hundred day moving average price of $8.06.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The firm had revenue of $44.20 million for the quarter, compared to analyst estimates of $42.56 million. During the same quarter last year, the company earned ($0.06) earnings per share. The company's quarterly revenue was up 51.7% compared to the same quarter last year. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.45 EPS for the current fiscal 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.

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