MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $40.39 Million Position in SoundHound AI, Inc. $SOUN

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in SoundHound AI by 84.2% during the first quarter, owning 4,973,728 shares valued at approximately $40.39 million.
• SoundHound AI reported a loss of $0.19 per share for the last quarter, missing analysts' expectations, but revenue grew by 216.3% year-over-year to $42.68 million.
• The stock, traded on NASDAQ under the ticker SOUN, opened at $14.26 and is rated as a "Moderate Buy" with a consensus target price of $13.36.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 84.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,973,728 shares of the company's stock after acquiring an additional 2,274,105 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.25% of SoundHound AI worth $40,390,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in SoundHound AI by 8.9% in the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company's stock worth $119,000 after purchasing an additional 1,201 shares during the period. Concorde Asset Management LLC lifted its holdings in SoundHound AI by 17.0% in the first quarter. Concorde Asset Management LLC now owns 31,885 shares of the company's stock worth $282,000 after purchasing an additional 4,630 shares during the period. EP Wealth Advisors LLC lifted its holdings in SoundHound AI by 25.1% in the first quarter. EP Wealth Advisors LLC now owns 13,394 shares of the company's stock worth $109,000 after purchasing an additional 2,689 shares during the period. First Manhattan CO. LLC. acquired a new stake in SoundHound AI in the first quarter worth about $985,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in SoundHound AI in the first quarter worth about $6,755,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SOUN. Northland Securities raised 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. Piper Sandler reissued a "neutral" rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. HC Wainwright cut their price target on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. LADENBURG THALM/SH SH raised shares of SoundHound AI from a "neutral" rating to a "buy" rating and upped their price target for the company from $9.00 to $16.00 in a report on Monday, August 11th. Finally, Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.36.

Insider Buying and Selling

In other news, CFO Nitesh Sharan sold 111,111 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,039,998.96. Following the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at $13,505,544. This represents a 7.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the completion of the transaction, the insider owned 637,560 shares in the company, valued at $5,967,561.60. This represents a 11.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 913,317 shares of company stock worth $8,679,813 over the last ninety days. 9.17% of the stock is currently owned by corporate insiders.

SoundHound AI Price Performance

SOUN stock traded up $0.97 during mid-day trading on Friday, reaching $14.26. 95,393,466 shares of the stock traded hands, compared to its average volume of 60,159,188. SoundHound AI, Inc. has a 52-week low of $4.32 and a 52-week high of $24.98. The stock's fifty day moving average is $12.36 and its 200-day moving average is $10.44.

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