SoundHound AI, Inc. $SOUN Shares Acquired by R Squared Ltd

Key Points

• R Squared Ltd increased its stake in SoundHound AI, Inc. by 289.3% in the 2nd quarter, now owning a total of 53,483 shares valued at $574,000.
• SoundHound AI reported $42.68 million in revenue for its latest quarter, a significant year-over-year increase of 216.3%, despite posting a loss of ($0.19) EPS.
• Analysts have set a consensus target price of $15.50 for SoundHound AI, with ratings ranging from "Strong Buy" to "Sell" by various research firms.

R Squared Ltd raised its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 289.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,483 shares of the company's stock after purchasing an additional 39,743 shares during the period. R Squared Ltd's holdings in SoundHound AI were worth $574,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SOUN. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock valued at $284,687,000 after purchasing an additional 3,028,281 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in SoundHound AI by 84.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after buying an additional 2,274,105 shares during the period. Goldman Sachs Group Inc. increased its position in shares of SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after acquiring an additional 1,085,473 shares in the last quarter. Nuveen LLC acquired a new position in shares of SoundHound AI during the 1st quarter valued at $7,406,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in SoundHound AI during the 1st quarter worth $6,755,000. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Stock Up 2.7%

Shares of NASDAQ SOUN opened at $18.24 on Friday. The stock's 50 day moving average price is $15.86 and its two-hundred day moving average price is $12.26. SoundHound AI, Inc. has a 52-week low of $4.97 and a 52-week high of $24.98. The stock has a market capitalization of $7.44 billion, a P/E ratio of -28.95 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly 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 net margin of 171.81% and a negative return on equity of 73.13%. The firm had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. During the same period in the prior year, the company posted ($0.11) earnings per share. The business's revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. On average, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on SOUN shares. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and raised their price objective for the company from $9.00 to $16.00 in a research report on Monday, August 11th. HC Wainwright boosted their price target on SoundHound AI from $18.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, October 16th. Oppenheimer started coverage on SoundHound AI in a report on Thursday, September 11th. They issued a "market perform" rating for the company. Northland Capmk upgraded shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Northland Securities upgraded 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 note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.50.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 41,167 shares of the stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $823,340.00. Following the sale, the vice president owned 608,186 shares in the company, valued at $12,163,720. This represents a 6.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michael Zagorsek sold 69,837 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $1,117,392.00. Following the transaction, the chief operating officer directly owned 1,860,790 shares of the company's stock, valued at $29,772,640. This trade represents a 3.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 785,917 shares of company stock worth $13,955,610. 9.17% of the stock is owned by company insiders.

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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