Mirae Asset Global Investments Co. Ltd. Raises Stock Position in SoundHound AI, Inc. $SOUN

Key Points

• Mirae Asset Global Investments raised its stake in SoundHound AI by 252.8% in Q3 to 218,868 shares (about 0.05% ownership) valued at $3.52 million.
• Insiders have been net sellers, disposing of 462,265 shares over the last three months (roughly $5.22 million), including CEO Keyvan Mohajer and SVP Majid Emami, with insiders now owning about 9.17% of the company.
• Analyst views are mixed but MarketBeat’s consensus is a “Moderate Buy” with a $16.07 price target; SOUN recently opened at $8.42, has a $3.54 billion market cap and a 52‑week range of $6.52–$22.17.

Mirae Asset Global Investments Co. Ltd. raised its holdings in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 252.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 218,868 shares of the company's stock after purchasing an additional 156,835 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.05% of SoundHound AI worth $3,519,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company's stock valued at $25,000 after buying an additional 1,060 shares during the period. Advisors Asset Management Inc. raised its position in SoundHound AI by 68.4% during the second 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. Investors Research Corp lifted its holdings in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company's stock valued at $29,000 after acquiring an additional 700 shares during the period. Financial Consulate Inc. acquired a new position in SoundHound AI in the third quarter valued at approximately $32,000. Finally, Huntington National Bank boosted its position 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. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several analyst reports. Piper Sandler decreased their target price on shares of SoundHound AI from $15.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday, January 5th. Cantor Fitzgerald raised shares of SoundHound AI from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $13.00 to $15.00 in a research note on Friday, December 12th. Weiss Ratings restated a "sell (d-)" rating on shares of SoundHound AI in a research report on Friday, January 9th. LADENBURG THALM/SH SH upgraded SoundHound AI to a "strong-buy" rating in a research note on Thursday, December 18th. Finally, Zacks Research downgraded SoundHound AI from a "hold" rating to a "strong sell" rating in a research report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.07.

Insider Transactions at SoundHound AI

In related news, SVP Majid Emami sold 32,741 shares of the business's stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $10.66, for a total transaction of $349,019.06. Following the completion of the sale, the senior vice president directly owned 532,845 shares in the company, valued at approximately $5,680,127.70. The trade was a 5.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 144,326 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $1,627,997.28. Following the completion of the transaction, the chief executive officer directly owned 2,198,287 shares of the company's stock, valued at approximately $24,796,677.36. This represents a 6.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 462,265 shares of company stock valued at $5,216,518. Insiders own 9.17% of the company's stock.

SoundHound AI Stock Down 0.5%

SOUN stock opened at $8.42 on Tuesday. The stock has a market capitalization of $3.54 billion, a P/E ratio of -10.02 and a beta of 2.65. The firm has a 50-day simple moving average of $11.00 and a 200-day simple moving average of $13.43. SoundHound AI, Inc. has a 52 week low of $6.52 and a 52 week high of $22.17.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued 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 firm had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. During the same period last year, the company posted ($0.04) EPS. SoundHound AI's quarterly revenue was up 67.6% compared to the same quarter last year. On average, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company's core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.

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