IFP Advisors Inc Sells 45,101 Shares of SoundHound AI, Inc. $SOUN

Key Points

• IFP Advisors Inc reduced its stake in SoundHound AI, Inc. by 51%, selling 45,101 shares to hold 43,306 shares valued at approximately $467,000.
• SoundHound AI's quarterly revenue increased by 216.3% year-over-year, reaching $42.68 million, despite reporting a loss of ($0.19) earnings per share.
• Institutional ownership of SoundHound AI stands at 19.28%, with major investors like Vanguard Group significantly increasing their holdings.

IFP Advisors Inc lessened its holdings in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 51.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,306 shares of the company's stock after selling 45,101 shares during the quarter. IFP Advisors Inc's holdings in SoundHound AI were worth $467,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SOUN. Vanguard Group Inc. increased its holdings in 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 buying an additional 3,028,281 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock valued at $40,390,000 after buying an additional 2,274,105 shares during the period. Goldman Sachs Group Inc. increased its holdings in SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock valued at $21,434,000 after buying an additional 1,085,473 shares during the period. Nuveen LLC bought a new stake in SoundHound AI in the 1st quarter valued at $7,406,000. Finally, Cubist Systematic Strategies LLC bought a new stake in SoundHound AI in the 1st quarter valued at $6,755,000. Institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Up 9.0%

Shares of NASDAQ SOUN opened at $20.86 on Wednesday. The firm's 50-day simple moving average is $15.17 and its 200 day simple moving average is $11.75. The company has a market cap of $8.50 billion, a price-to-earnings ratio of -33.11 and a beta of 2.60. SoundHound AI, Inc. has a 12-month low of $4.86 and a 12-month high of $24.98.

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 the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The company had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. During the same quarter last year, the company earned ($0.11) EPS. The firm's quarterly revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. On average, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 126,596 shares of the company's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.58, for a total transaction of $2,098,961.68. Following the transaction, the chief financial officer directly owned 1,796,304 shares in the company, valued at approximately $29,782,720.32. This represents a 6.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 138,523 shares of the company's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $2,216,368.00. Following the transaction, the chief executive officer owned 2,461,267 shares in the company, valued at approximately $39,380,272. The trade was a 5.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 725,541 shares of company stock worth $12,675,035. Insiders own 9.17% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SOUN. Weiss Ratings restated a "sell (d-)" rating on shares of SoundHound AI in a research note on Tuesday. 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. Oppenheimer began coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They issued a "market perform" rating on the stock. DA Davidson boosted their target price on shares of SoundHound AI from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Finally, Northland Securities upgraded shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and an average price target of $14.36.

SoundHound AI Company 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.

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