Kovitz Investment Group Partners LLC Invests $299,000 in SoundHound AI, Inc. $SOUN

Key Points

• Kovitz Investment Group Partners LLC has invested approximately $299,000 in SoundHound AI, acquiring 36,817 shares during the first quarter.
• Analysts have set varying price targets for SoundHound AI, with a consensus rating of "Moderate Buy" and an average target price of $13.36.
• The company's quarterly earnings report showed a revenue of $42.68 million, exceeding analyst estimates, but the earnings per share missed expectations by ($0.13).

Kovitz Investment Group Partners LLC purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,817 shares of the company's stock, valued at approximately $299,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in SoundHound AI by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock worth $284,687,000 after acquiring an additional 3,028,281 shares in the last quarter. Nuveen LLC bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $7,406,000. Driehaus Capital Management LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $16,421,000. Science & Technology Partners L.P. bought a new position in SoundHound AI in the fourth quarter worth approximately $15,500,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in SoundHound AI by 501.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 901,687 shares of the company's stock worth $17,891,000 after purchasing an additional 751,857 shares during the period. Hedge funds and other institutional investors own 19.28% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SOUN shares. Wall Street Zen cut SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. HC Wainwright decreased their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. 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 report on Friday, August 8th. Piper Sandler restated a "neutral" rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Finally, Wedbush upped their price target on shares of SoundHound AI from $15.00 to $16.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, SoundHound AI has a consensus rating of "Moderate Buy" and an average target price of $13.36.

SoundHound AI Price Performance

NASDAQ SOUN traded up $0.33 on Friday, hitting $12.56. The stock had a trading volume of 50,614,781 shares, compared to its average volume of 50,458,144. The business's fifty day moving average price is $11.72 and its 200 day moving average price is $10.51. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of -19.94 and a beta of 2.57. SoundHound AI, Inc. has a 52-week low of $4.32 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. During the same period in the previous year, the business earned ($0.11) EPS. The firm's revenue for the quarter was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 111,111 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at approximately $13,505,544. This represents a 7.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction, the director directly owned 153,949 shares of the company's stock, valued at approximately $1,530,253.06. This represents a 1.79% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 913,317 shares of company stock valued at $8,679,813. 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.