Quadrature Capital Ltd Takes Position in SoundHound AI, Inc. $SOUN

Key Points

• Quadrature Capital Ltd opened a new position in SoundHound AI of 270,879 shares (~$2.91M) in Q2, and institutional investors now own 19.28% of the company (Vanguard holds ~35.06M shares).
• Insider selling accelerated recently: CFO Nitesh Sharan sold 126,596 shares and VP Majid Emami sold 42,119 on Sept. 22, with insiders offloading 787,260 shares (~$13.97M) in the last quarter while retaining 9.17% ownership.
• Operational update: SoundHound beat quarterly estimates with EPS of -$0.03 (vs. -$0.09) and revenue of $42.05M (up 67.6% YoY); analysts’ consensus is a "Moderate Buy" with an average target of $17.42.

Quadrature Capital Ltd bought a new position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 270,879 shares of the company's stock, valued at approximately $2,909,000. Quadrature Capital Ltd owned 0.07% of SoundHound AI as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 9.5% in the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock valued at $284,687,000 after acquiring an additional 3,028,281 shares in the last quarter. Geode Capital Management LLC raised its stake in SoundHound AI by 8.3% during the 2nd quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company's stock valued at $94,759,000 after purchasing an additional 679,436 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock valued at $40,390,000 after purchasing an additional 2,274,105 shares during the period. Northern Trust Corp lifted its holdings in SoundHound AI by 2.5% in the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after purchasing an additional 72,766 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 during the period. 19.28% of the stock is owned by institutional investors.

Insider Transactions at SoundHound AI

In other news, CFO Nitesh Sharan sold 126,596 shares of the firm's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.58, for a total value of $2,098,961.68. Following the completion of the sale, the chief financial officer directly owned 1,796,304 shares of the company's stock, valued at $29,782,720.32. This trade represents a 6.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 42,119 shares of SoundHound AI stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $673,904.00. Following the completion of the transaction, the vice president owned 685,538 shares of the company's stock, valued at approximately $10,968,608. This trade represents a 5.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 787,260 shares of company stock worth $13,973,056 in the last quarter. Company insiders own 9.17% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SOUN shares. Piper Sandler lifted their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the company a "neutral" rating in a research report on Friday, November 7th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and upped their target price for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. Northland Capmk upgraded shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Oppenheimer initiated coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They issued a "market perform" rating on the stock. Finally, HC Wainwright increased their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.42.

SoundHound AI Stock Performance

Shares of SOUN opened at $12.08 on Friday. The stock has a market capitalization of $5.07 billion, a PE ratio of -14.37 and a beta of 2.60. The company's fifty day moving average is $16.00 and its 200 day moving average is $13.26. SoundHound AI, Inc. has a fifty-two week low of $6.52 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate 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 business had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. During the same quarter last year, the business earned ($0.04) earnings per share. SoundHound AI's quarterly revenue was up 67.6% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

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.

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