Deutsche Bank AG Buys 256,076 Shares of SoundHound AI, Inc. $SOUN

Deutsche Bank AG raised its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 96.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 520,635 shares of the company's stock after purchasing an additional 256,076 shares during the period. Deutsche Bank AG owned 0.13% of SoundHound AI worth $4,228,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of SoundHound AI by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock valued at $284,687,000 after acquiring an additional 3,028,281 shares during the period. Northern Trust Corp raised its holdings in shares of SoundHound AI by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock valued at $57,660,000 after purchasing an additional 264,382 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 4.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock valued at $23,120,000 after buying an additional 121,568 shares in the last quarter. LPL Financial LLC grew its stake in shares of SoundHound AI by 7.5% in the first quarter. LPL Financial LLC now owns 1,346,805 shares of the company's stock valued at $10,936,000 after buying an additional 93,833 shares in the last quarter. Finally, Carnegie Investment Counsel grew its stake in shares of SoundHound AI by 8.9% in the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock valued at $8,131,000 after buying an additional 87,810 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Diana Sroka sold 2,800 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the sale, the director directly owned 153,949 shares of the company's stock, valued at $1,530,253.06. This trade represents a 1.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Michael Zagorsek sold 117,180 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 value of $1,096,804.80. Following the completion of the sale, the chief operating officer directly 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. Over the last quarter, insiders sold 913,317 shares of company stock worth $8,679,813. 9.17% of the stock is owned by insiders.

SoundHound AI Trading Down 10.3%

Shares of SOUN traded down $1.52 during trading hours on Tuesday, reaching $13.30. The stock had a trading volume of 45,200,241 shares, compared to its average volume of 41,291,641. SoundHound AI, Inc. has a 12 month low of $4.32 and a 12 month high of $24.98. The firm has a 50-day simple moving average of $11.47 and a 200 day simple moving average of $10.52. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of -21.11 and a beta of 2.57.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its 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 firm had revenue of $42.68 million during 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%.SoundHound AI's revenue for the quarter was up 216.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.11) earnings per share. 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.

Analyst Upgrades and Downgrades

A number of research firms have commented on SOUN. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Piper Sandler reaffirmed a "neutral" rating and issued a $12.00 price target on shares of SoundHound AI in a research note on Monday, July 14th. Wedbush boosted their price target on SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. HC Wainwright lowered their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Northland Securities raised SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price for the company in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.36.

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.