Knights of Columbus Asset Advisors LLC Makes New $685,000 Investment in SoundHound AI, Inc. $SOUN

Key Points

• Knights of Columbus Asset Advisors LLC made a significant investment in SoundHound AI, purchasing 63,813 shares worth approximately $685,000 in the second quarter.
• Recently, multiple institutional investors, including Virtu Financial LLC and Northern Trust Corp, have increased their holdings in SoundHound AI, indicating growing interest in the company.
• SoundHound AI reported a quarterly revenue of $42.68 million, a substantial increase of 216.3% year-over-year, despite missing earnings per share estimates.

Knights of Columbus Asset Advisors LLC bought a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 63,813 shares of the company's stock, valued at approximately $685,000.

Other institutional investors also recently modified their holdings of the company. Virtu Financial LLC bought a new position in shares of SoundHound AI in the first quarter worth about $2,395,000. Northern Trust Corp raised its stake in shares of SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after buying an additional 72,766 shares during the last quarter. Carnegie Investment Counsel raised its stake in shares of SoundHound AI by 8.9% during the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock worth $8,131,000 after buying an additional 87,810 shares during the last quarter. Liontrust Investment Partners LLP bought a new stake in shares of SoundHound AI during the first quarter worth approximately $1,639,000. Finally, First Manhattan CO. LLC. bought a new stake in shares of SoundHound AI during the first quarter worth approximately $985,000. 19.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, VP Majid Emami sold 42,119 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $673,904.00. Following the completion of the transaction, the vice president owned 685,538 shares in the company, valued at $10,968,608. This represents a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 138,523 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 2,461,267 shares of the company's stock, valued at $39,380,272. This trade represents a 5.33% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 495,196 shares of company stock valued at $8,068,135. 9.17% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SOUN. Oppenheimer began coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They set a "market perform" rating for the company. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 8th. DA Davidson boosted their price objective on shares of SoundHound AI from $15.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price objective for the company in a report on Friday, August 8th. Finally, Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $14.36.

SoundHound AI Stock Performance

Shares of NASDAQ SOUN opened at $18.20 on Wednesday. The stock has a market cap of $7.42 billion, a P/E ratio of -28.89 and a beta of 2.60. The firm has a 50 day moving average price of $14.32 and a 200 day moving average price of $11.42. SoundHound AI, Inc. has a 52-week low of $4.56 and a 52-week high of $24.98.

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

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