Patriot Financial Group Insurance Agency LLC Purchases 26,111 Shares of SoundHound AI, Inc. $SOUN

Key Points

• Patriot Financial Group Insurance Agency LLC increased its stake in SoundHound AI, Inc. by 54.8%, acquiring an additional 26,111 shares, bringing its total holdings to 73,786 shares valued at $792,000.
• SoundHound AI's CFO, Nitesh Sharan, sold 126,596 shares worth approximately $2.1 million, indicating a 6.58% decrease in his ownership of the company.
• The company reported a significant revenue increase of 216.3% year-over-year, with quarterly revenue reaching $42.68 million, despite posting a loss of $0.19 EPS.

Patriot Financial Group Insurance Agency LLC boosted its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 54.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 73,786 shares of the company's stock after purchasing an additional 26,111 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in SoundHound AI were worth $792,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. AlphaQuest LLC bought a new stake in SoundHound AI in the 1st quarter worth about $32,000. Golden State Wealth Management LLC grew its position in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after purchasing an additional 2,115 shares in the last quarter. Kozak & Associates Inc. grew its position 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. Quarry LP grew its position in SoundHound AI by 1,552.7% in the 1st quarter. Quarry LP now owns 5,272 shares of the company's stock worth $43,000 after purchasing an additional 4,953 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in shares of SoundHound AI by 72.7% during the 1st quarter. Larson Financial Group LLC now owns 7,027 shares of the company's stock valued at $57,000 after acquiring an additional 2,959 shares during the period. 19.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other SoundHound AI news, CFO Nitesh Sharan sold 126,596 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.58, for a total value of $2,098,961.68. Following the sale, the chief financial officer directly owned 1,796,304 shares in the company, valued at $29,782,720.32. This represents a 6.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 2,247 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $17.90, for a total transaction of $40,221.30. Following the completion of the sale, the chief technology officer owned 677,049 shares in the company, valued at $12,119,177.10. This represents a 0.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 495,196 shares of company stock worth $8,068,135. Company insiders own 9.17% of the company's stock.

SoundHound AI Trading Up 0.1%

Shares of SOUN stock opened at $17.85 on Friday. The stock has a market capitalization of $7.28 billion, a P/E ratio of -28.33 and a beta of 2.60. The firm's 50 day moving average is $14.03 and its 200 day moving average is $11.29. SoundHound AI, Inc. has a 12 month low of $4.56 and a 12 month high of $24.98.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SOUN. HC Wainwright reissued a "buy" rating and set a $18.00 target price on shares of SoundHound AI in a research report on Wednesday, September 17th. Northland Securities raised shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price for the company in a research report on Friday, August 8th. 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. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Wedbush reissued an "outperform" rating and set a $16.00 target price on shares of SoundHound AI in a research report on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $14.36.

SoundHound AI Company 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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