Clare Market Investments LLC Takes $194,000 Position in SoundHound AI, Inc. $SOUN

Key Points

• Clare Market Investments LLC has made a new investment in SoundHound AI, Inc. by purchasing 18,100 shares valued at approximately $194,000 during the second quarter.
• Multiple hedge funds, including Allworth Financial LP and Amalgamated Bank, increased their stakes in SoundHound AI, indicating growing institutional interest in the company.
• Despite experiencing a net margin of -171.81%, SoundHound AI's quarterly revenue surged 216.3% year-over-year, totaling $42.68 million, and the stock has a consensus rating of "Moderate Buy" from analysts.

Clare Market Investments LLC acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 18,100 shares of the company's stock, valued at approximately $194,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in SoundHound AI in the 1st quarter valued at $2,395,000. Northern Trust Corp increased its stake in shares of SoundHound AI by 2.5% in the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock valued at $24,190,000 after purchasing an additional 72,766 shares during the last quarter. Carnegie Investment Counsel increased its stake in shares of SoundHound AI by 8.9% in the 1st quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock valued at $8,131,000 after purchasing an additional 87,810 shares during the last quarter. Liontrust Investment Partners LLP bought a new position in shares of SoundHound AI in the 1st quarter valued at $1,639,000. Finally, First Manhattan CO. LLC. bought a new position in shares of SoundHound AI in the 1st quarter valued at $985,000. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SOUN. Wedbush reiterated an "outperform" rating and issued a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. DA Davidson lifted their price target on SoundHound AI from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. HC Wainwright reiterated a "buy" rating and issued a $18.00 price target on shares of SoundHound AI in a research note on Wednesday. Northland Capmk upgraded SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $14.36.

SoundHound AI Trading Up 4.0%

SOUN stock traded up $0.62 during trading on Friday, reaching $16.25. 91,501,113 shares of the stock were exchanged, compared to its average volume of 68,582,416. The firm's 50 day moving average is $13.03 and its 200 day moving average is $10.78. The firm has a market cap of $6.62 billion, a P/E ratio of -25.79 and a beta of 2.58. SoundHound AI, Inc. has a twelve month low of $4.45 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). The company had revenue of $42.68 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, VP Majid Emami sold 60,295 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total transaction of $602,950.00. Following the completion of the sale, the vice president directly owned 477,657 shares of the company's stock, valued at approximately $4,776,570. The trade was a 11.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Diana Sroka sold 2,800 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total value of $27,832.00. Following the sale, the director directly owned 153,949 shares of the company's stock, valued at $1,530,253.06. This represents a 1.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,076 shares of company stock valued at $659,638. Corporate insiders own 9.17% of the company's stock.

SoundHound AI Profile

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.