Marex Group plc Invests $3.73 Million in SoundHound AI, Inc. $SOUN

Key Points

• Marex Group plc acquired a new stake of 347,433 shares in SoundHound AI in Q2, valued at about $3.73 million and representing roughly 0.09% of the company.
• SoundHound beat estimates with quarterly EPS of –$0.03 (vs. –$0.09) and revenue of $42.05M (up 67.6% YoY), but still posts a negative net margin (~211%); analysts have a consensus rating of Moderate Buy with an average target of $17.07.
• Insiders have sold 787,260 shares (~$14.0M) over the past three months, leaving company insiders with 9.17% ownership.

Marex Group plc acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 347,433 shares of the company's stock, valued at approximately $3,728,000. Marex Group plc owned about 0.09% of SoundHound AI as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SOUN. Northwestern Mutual Wealth Management Co. grew its holdings in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company's stock worth $25,000 after buying an additional 1,060 shares in the last quarter. Advisors Asset Management Inc. grew its stake in SoundHound AI by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company's stock valued at $27,000 after acquiring an additional 1,023 shares in the last quarter. AlphaQuest LLC acquired a new stake in SoundHound AI in the 1st quarter valued at about $32,000. Huntington National Bank lifted its stake in SoundHound AI by 48.8% in the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company's stock worth $33,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Kozak & Associates Inc. lifted its stake in SoundHound AI by 6,249.0% in the 2nd quarter. Kozak & Associates Inc. now owns 3,238 shares of the company's stock worth $35,000 after purchasing an additional 3,187 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SOUN shares. Oppenheimer began coverage on SoundHound AI in a research report on Thursday, September 11th. They issued a "market perform" rating for the company. HC Wainwright upped their target price on SoundHound AI from $18.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, October 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of SoundHound AI in a report on Tuesday, October 14th. Piper Sandler boosted their price target on shares of SoundHound AI from $12.00 to $15.00 and gave the company a "neutral" rating in a research report on Friday, November 7th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $13.00 to $15.00 in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.07.

SoundHound AI Trading Down 3.2%

Shares of SOUN opened at $11.65 on Friday. The firm has a market cap of $4.89 billion, a P/E ratio of -13.87 and a beta of 2.63. The company's 50-day moving average price is $15.04 and its 200 day moving average price is $13.38. SoundHound AI, Inc. has a 12-month low of $6.52 and a 12-month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The business had revenue of $42.05 million during the quarter, compared to analysts' expectations of $40.48 million. During the same period last year, the business earned ($0.04) earnings per share. The business's revenue for the quarter was up 67.6% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CFO Nitesh Sharan sold 60,376 shares of SoundHound AI stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total value of $1,280,574.96. Following the completion of the sale, the chief financial officer directly owned 1,765,928 shares of the company's stock, valued at approximately $37,455,332.88. The trade was a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 69,837 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $1,117,392.00. Following the completion of the sale, the chief operating officer owned 1,860,790 shares in the company, valued at $29,772,640. This represents a 3.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 787,260 shares of company stock worth $13,973,056 in the last three months. Company 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.

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