SoundHound AI, Inc. $SOUN Shares Bought by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in SoundHound AI, buying an additional 145,557 shares for a total holding of 253,089 shares, valued at approximately $2,055,000.
• Brokerages have raised price targets for SoundHound AI, with DA Davidson increasing its target from $15.00 to $17.00, while a consensus rating among analysts reflects a "Moderate Buy" with an average target of $14.36.
• SoundHound AI reported a revenue of $42.68 million for the last quarter, significantly exceeding analyst estimates, but posted a loss of ($0.19) earnings per share, lower than the expected ($0.06).

Intech Investment Management LLC grew its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 135.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 253,089 shares of the company's stock after acquiring an additional 145,557 shares during the quarter. Intech Investment Management LLC owned about 0.06% of SoundHound AI worth $2,055,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SOUN. Vanguard Group Inc. boosted 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 worth $284,687,000 after buying an additional 3,028,281 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 valued at $40,390,000 after buying an additional 2,274,105 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the period. Nuveen LLC acquired a new stake in shares of SoundHound AI during the 1st quarter worth approximately $7,406,000. Finally, Cubist Systematic Strategies LLC bought a new position in SoundHound AI in the 1st quarter worth approximately $6,755,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SOUN. DA Davidson increased their price target on SoundHound AI from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. LADENBURG THALM/SH SH upgraded SoundHound AI from a "neutral" rating to a "buy" rating and increased their target price for the company from $9.00 to $16.00 in a report on Monday, August 11th. Oppenheimer assumed coverage on SoundHound AI in a report on Thursday, September 11th. They issued a "market perform" rating for the company. Wedbush reiterated an "outperform" rating and set a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. Finally, Wall Street Zen downgraded shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and an average price target of $14.36.

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $744,400.80. Following the completion of the sale, the insider owned 637,560 shares in the company, valued at approximately $5,967,561.60. The trade was a 11.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Majid Emami sold 79,530 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $744,400.80. Following the sale, the vice president owned 537,952 shares of the company's stock, valued at $5,035,230.72. The trade was a 12.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 780,965 shares of company stock worth $7,350,999 over the last ninety days. 9.17% of the stock is currently owned by insiders.

SoundHound AI Trading Up 3.5%

NASDAQ SOUN opened at $14.69 on Wednesday. The stock's 50 day moving average is $12.82 and its two-hundred day moving average is $10.66. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of -23.32 and a beta of 2.58. SoundHound AI, Inc. has a 1-year low of $4.45 and a 1-year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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 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 period in the previous year, the firm posted ($0.11) earnings per share. The firm'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. On average, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current 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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