Rafferty Asset Management LLC Purchases New Position in SoundHound AI, Inc. $SOUN

Rafferty Asset Management LLC bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 55,923 shares of the company's stock, valued at approximately $454,000.

Other institutional investors have also recently made changes to their positions in the company. Corebridge Financial Inc. grew its stake in SoundHound AI by 3.4% in the 1st quarter. Corebridge Financial Inc. now owns 158,646 shares of the company's stock valued at $1,288,000 after acquiring an additional 5,282 shares during the period. Apexium Financial LP grew its stake in SoundHound AI by 8.5% in the 1st quarter. Apexium Financial LP now owns 35,698 shares of the company's stock valued at $290,000 after acquiring an additional 2,790 shares during the period. MetLife Investment Management LLC grew its stake in SoundHound AI by 2.1% in the 1st quarter. MetLife Investment Management LLC now owns 189,165 shares of the company's stock valued at $1,536,000 after acquiring an additional 3,831 shares during the period. AlphaQuest LLC acquired a new stake in SoundHound AI in the 1st quarter valued at $32,000. Finally, Wellington Management Group LLP grew its stake in SoundHound AI by 6.3% in the 1st quarter. Wellington Management Group LLP now owns 417,461 shares of the company's stock valued at $3,390,000 after acquiring an additional 24,848 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 254,376 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the transaction, the chief executive officer directly owned 1,749,790 shares of the company's stock, valued at approximately $16,378,034.40. The trade was a 12.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Ming Hom sold 79,530 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $744,400.80. Following the transaction, the insider directly owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their ownership of the stock. 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. 9.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on SOUN. HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Wedbush boosted their price target on shares of SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Northland Capmk upgraded shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $9.00 to $16.00 in a report on Monday, August 11th. Finally, Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price objective on the stock in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $13.36.

SoundHound AI Stock Down 5.1%

NASDAQ:SOUN traded down $0.68 on Wednesday, reaching $12.74. 64,956,757 shares of the company's stock were exchanged, compared to its average volume of 59,562,548. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of -20.22 and a beta of 2.58. The business has a fifty day moving average of $12.21 and a 200-day moving average of $10.40. SoundHound AI, Inc. has a 52-week low of $4.32 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $42.68 million for the quarter, compared to analysts' expectations of $32.88 million. During the same quarter last year, the company earned ($0.11) earnings per share. The firm's revenue for the quarter was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate 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.