SoundHound AI, Inc. $SOUN Holdings Boosted by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in SoundHound AI by 6.3% in Q1, owning approximately $3.39 million worth of shares at the end of the quarter.
• SoundHound AI reported a significant revenue growth of 216.3% year-over-year for the recent quarter, although it posted a loss of ($0.19) EPS, below analysts' estimates.
• In recent analyst reviews, Wedbush raised its price target on the stock from $15.00 to $16.00, while reports indicate a consensus target price of $13.36 with a "Moderate Buy" rating.

Wellington Management Group LLP boosted its holdings in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 6.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 417,461 shares of the company's stock after acquiring an additional 24,848 shares during the period. Wellington Management Group LLP owned about 0.10% of SoundHound AI worth $3,390,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Northern Trust Corp lifted its holdings in SoundHound AI by 2.5% in the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after acquiring an additional 72,766 shares during the last quarter. Liontrust Investment Partners LLP bought a new position in SoundHound AI in the first quarter worth about $1,639,000. Kovitz Investment Group Partners LLC bought a new position in SoundHound AI in the first quarter worth about $299,000. Cookson Peirce & Co. Inc. bought a new position in SoundHound AI in the first quarter worth about $81,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in SoundHound AI by 6,827.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 11,638 shares of the company's stock worth $95,000 after acquiring an additional 11,470 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on SOUN shares. Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wedbush raised their price target on shares of SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Northland Capmk upgraded shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 8th. HC Wainwright dropped their price target 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. Finally, Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target on the stock in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $13.36.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 132,352 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the transaction, the vice president owned 537,482 shares in the company, valued at $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 254,376 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the transaction, the chief executive officer owned 1,749,790 shares in the company, valued at $16,378,034.40. This represents a 12.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 913,317 shares of company stock valued at $8,679,813. 9.17% of the stock is currently owned by company insiders.

SoundHound AI Price Performance

NASDAQ SOUN opened at $13.02 on Friday. SoundHound AI, Inc. has a 12 month low of $4.32 and a 12 month high of $24.98. The firm has a market capitalization of $5.31 billion, a PE ratio of -20.67 and a beta of 2.57. The company's 50 day simple moving average is $12.00 and its 200 day simple moving average is $10.41.

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 analysts' consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The company had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. During the same quarter in the prior year, the business earned ($0.11) EPS. SoundHound AI's revenue was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

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.

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