Nuveen LLC Buys Shares of 912,097 SoundHound AI, Inc. $SOUN

Key Points

• Nuveen LLC acquired a significant position in SoundHound AI, purchasing 912,097 shares valued at approximately $7.4 million, representing around 0.23% ownership of the company.
• SoundHound AI's shares dropped by 3.6% to $12.11, with the stock trading volume reaching over 51.8 million shares.
• The company's recent quarterly earnings showed a revenue increase of 216.3% year-over-year, although it missed the EPS consensus estimate, reporting ($0.19) compared to the expected ($0.06).

Nuveen LLC purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 912,097 shares of the company's stock, valued at approximately $7,406,000. Nuveen LLC owned about 0.23% of SoundHound AI at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Orion Capital Management LLC purchased a new stake in SoundHound AI during the fourth quarter valued at $30,000. Golden State Wealth Management LLC increased its position in SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in SoundHound AI during the fourth quarter valued at $88,000. Sunbelt Securities Inc. increased its position in SoundHound AI by 153.1% during the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock valued at $90,000 after acquiring an additional 2,755 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its position in SoundHound AI by 53.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,893 shares of the company's stock valued at $137,000 after acquiring an additional 2,393 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Down 3.6%

Shares of NASDAQ:SOUN traded down $0.45 during trading on Monday, reaching $12.11. The company's stock had a trading volume of 51,868,259 shares, compared to its average volume of 51,123,076. SoundHound AI, Inc. has a 12 month low of $4.32 and a 12 month high of $24.98. The firm's 50 day simple moving average is $11.72 and its two-hundred day simple 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 the consensus estimate 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 return on equity of 73.13% and a negative net margin of 171.81%.The firm's quarterly revenue was up 216.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research reports. Piper Sandler reiterated a "neutral" rating and set a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and boosted their price target for the company from $9.00 to $16.00 in a report on Monday, August 11th. Northland Capmk raised SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Wedbush boosted their price target on SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, HC Wainwright cut their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.36.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 2,981 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total transaction of $28,856.08. Following the sale, the chief technology officer owned 716,866 shares of the company's stock, valued at approximately $6,939,262.88. This trade represents a 0.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Majid Emami sold 60,295 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $10.00, for a total value of $602,950.00. Following the sale, the vice president directly owned 477,657 shares in the company, valued at $4,776,570. This trade represents a 11.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 913,317 shares of company stock valued at $8,679,813. 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.