SoundHound AI, Inc. $SOUN Shares Purchased by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in SoundHound AI, Inc. by 4.5% during Q1, holding approximately 2.84 million shares valued at $23.12 million.
• SoundHound AI reported a significant year-over-year revenue increase of 216.3%, despite missing earnings expectations with an EPS of ($0.19).
• Institutional investors collectively own 19.28% of SoundHound AI, while corporate insiders have sold 913,317 shares valued at over $8.67 million in the last 90 days.

Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,847,261 shares of the company's stock after purchasing an additional 121,568 shares during the period. Charles Schwab Investment Management Inc. owned 0.71% of SoundHound AI worth $23,120,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Carnegie Investment Counsel boosted its stake in SoundHound AI by 8.9% during the 1st quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock worth $8,131,000 after purchasing an additional 87,810 shares during the period. Thoroughbred Financial Services LLC boosted its stake in SoundHound AI by 38.4% during the 1st quarter. Thoroughbred Financial Services LLC now owns 113,475 shares of the company's stock worth $921,000 after purchasing an additional 31,500 shares during the period. Yarbrough Capital LLC acquired a new stake in SoundHound AI during the 1st quarter worth $1,258,000. Deutsche Bank AG boosted its stake in SoundHound AI by 64.2% during the 4th quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock worth $5,249,000 after purchasing an additional 103,450 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in SoundHound AI by 308.4% during the 1st quarter. Victory Capital Management Inc. now owns 163,713 shares of the company's stock worth $1,329,000 after purchasing an additional 123,623 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

Analyst Ratings Changes

SOUN has been the subject of a number of recent research reports. HC Wainwright decreased their price target on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Piper Sandler restated a "neutral" rating and issued a $12.00 target price on shares of SoundHound AI in a research note on Monday, July 14th. Wedbush raised their target price on shares of SoundHound AI from $15.00 to $16.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and raised their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. Finally, Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $13.36.

Insider Activity

In other SoundHound AI news, VP Majid Emami sold 132,352 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were 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 directly owned 537,482 shares in the company, valued at approximately $5,396,319.28. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the chief financial officer owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. This trade represents a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 913,317 shares of company stock worth $8,679,813 in the last three months. Company insiders own 9.17% of the company's stock.

SoundHound AI Stock Down 3.6%

Shares of NASDAQ SOUN traded down $0.45 during midday trading on Monday, hitting $12.11. The company had a trading volume of 51,868,259 shares, compared to its average volume of 51,123,076. SoundHound AI, Inc. has a twelve month low of $4.32 and a twelve month high of $24.98. The business has a 50-day simple moving average of $11.77 and a two-hundred day simple moving average of $10.42. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of -19.22 and a beta of 2.57.

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

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.