SoundHound AI, Inc. $SOUN Shares Bought by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management Co. Ltd significantly increased its stake in SoundHound AI, Inc. by 852.3%, owning a total of 110,831 shares valued at approximately $1.19 million.
• Insider trading activity revealed that COO Michael Zagorsek sold 69,837 shares for around $1.12 million, reducing his position by 3.62%.
• SoundHound AI reported a 216.3% increase in revenue year-over-year, yet its earnings miss analysts' expectations with a reported (0.19) earnings per share.

Caitong International Asset Management Co. Ltd boosted its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 852.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 110,831 shares of the company's stock after purchasing an additional 99,193 shares during the period. SoundHound AI makes up approximately 0.8% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 23rd biggest holding. Caitong International Asset Management Co. Ltd's holdings in SoundHound AI were worth $1,189,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SOUN. AlphaQuest LLC acquired a new stake in SoundHound AI during the 1st quarter worth about $32,000. Golden State Wealth Management LLC grew its position in SoundHound AI by 100.0% during 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 during the period. Kozak & Associates Inc. grew its position in SoundHound AI by 6,249.0% during 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 during the period. Quarry LP grew its position in shares of SoundHound AI by 1,552.7% during the 1st quarter. Quarry LP now owns 5,272 shares of the company's stock valued at $43,000 after acquiring an additional 4,953 shares during the period. 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 and hedge funds.

Insider Activity

In other news, COO Michael Zagorsek sold 69,837 shares of SoundHound AI stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the sale, the chief operating officer owned 1,860,790 shares of the company's stock, valued at approximately $29,772,640. The trade was a 3.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Majid Emami sold 41,167 shares of SoundHound AI stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $823,340.00. Following the completion of the sale, the vice president owned 608,186 shares of the company's stock, valued at $12,163,720. This trade represents a 6.34% decrease in their position. The disclosure for this sale can be found here. In 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.

SoundHound AI Trading Up 2.7%

SOUN stock opened at $18.24 on Friday. SoundHound AI, Inc. has a 12-month low of $4.97 and a 12-month high of $24.98. The stock has a market cap of $7.44 billion, a price-to-earnings ratio of -28.95 and a beta of 2.60. The business's 50-day moving average is $15.86 and its 200 day moving average is $12.26.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share 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 during the quarter, compared to analysts' expectations of $32.88 million. During the same period last year, the business earned ($0.11) earnings per share. The company'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. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of analyst reports. HC Wainwright raised their target price on SoundHound AI from $18.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, October 16th. Northland Capmk upgraded SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Oppenheimer initiated coverage on SoundHound AI in a research report on Thursday, September 11th. They set a "market perform" rating on the stock. Wedbush restated an "outperform" rating and set a $16.00 target price on shares of SoundHound AI in a research report on Thursday, September 11th. Finally, DA Davidson raised their target price on SoundHound AI from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.