Northern Trust Corp Purchases 72,766 Shares of SoundHound AI, Inc. $SOUN

Key Points

• Northern Trust Corp increased its stake in SoundHound AI, raising its holdings by 2.5% to own nearly 3 million shares valued at approximately $24.19 million.
• Institutional investors are actively trading SoundHound AI, with several firms significantly increasing their positions during the first quarter, including a dramatic 127,900% increase by NBC Securities Inc.
• Despite missing earnings expectations with a reported loss of ($0.19) per share, SoundHound AI saw its revenue growth soar 216.3% year-over-year, indicating strong demand for its AI products.

Northern Trust Corp boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 2.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,979,011 shares of the company's stock after purchasing an additional 72,766 shares during the period. Northern Trust Corp owned about 0.75% of SoundHound AI worth $24,190,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position 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 purchasing an additional 3,028,281 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in SoundHound AI by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock worth $23,120,000 after purchasing an additional 121,568 shares in the last quarter. LPL Financial LLC grew its position in SoundHound AI by 7.5% in the 1st quarter. LPL Financial LLC now owns 1,346,805 shares of the company's stock worth $10,936,000 after purchasing an additional 93,833 shares in the last quarter. Carnegie Investment Counsel grew its position in SoundHound AI by 8.9% in the 1st quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock worth $8,131,000 after purchasing an additional 87,810 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in SoundHound AI by 5.6% in the 1st quarter. Bank of New York Mellon Corp now owns 919,854 shares of the company's stock worth $7,469,000 after purchasing an additional 49,011 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Up 3.9%

SOUN traded up $0.49 on Monday, hitting $13.02. The company's stock had a trading volume of 81,341,786 shares, compared to its average volume of 60,794,100. The company's 50 day simple moving average is $12.07 and its 200-day simple moving average is $10.37. The firm has a market cap of $5.31 billion, a P/E ratio of -20.67 and a beta of 2.58. SoundHound AI, Inc. has a 12 month low of $4.32 and a 12 month high of $24.98.

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

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 79,530 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the sale, the insider directly owned 637,560 shares in the company, valued at $5,967,561.60. This represents a 11.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. The trade was a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 913,317 shares of company stock worth $8,679,813 in the last 90 days. 9.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wedbush upped their price objective 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. LADENBURG THALM/SH SH raised shares of SoundHound AI from a "neutral" rating to a "buy" rating and increased their target price for the company from $9.00 to $16.00 in a research report on Monday, August 11th. Wall Street Zen downgraded shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Piper Sandler reissued a "neutral" rating and set a $12.00 target price on shares of SoundHound AI in a research report on Monday, July 14th. Finally, HC Wainwright reduced their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, SoundHound AI presently has an average rating of "Moderate Buy" and an average target price of $13.36.

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.