SoundHound AI, Inc. $SOUN Shares Bought by Rhumbline Advisers

Key Points

• Rhumbline Advisers increased its holdings in SoundHound AI by 8.9% during Q1, owning 457,107 shares valued at $3.71 million, while several other institutional investors also raised their stakes significantly.
• Despite a 216.3% year-over-year revenue increase to $42.68 million, SoundHound AI reported a loss of ($0.19) per share, missing analysts' expectations.
• Insider selling has been notable, with key executives, including CFO Nitesh Sharan, offloading shares on June 20, reflecting a broader trend of insiders selling a total of 780,965 shares in the last 90 days.

Rhumbline Advisers grew its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 8.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 457,107 shares of the company's stock after acquiring an additional 37,431 shares during the period. Rhumbline Advisers owned about 0.11% of SoundHound AI worth $3,712,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Ameriprise Financial Inc. raised its stake in SoundHound AI by 42.5% during the 4th quarter. Ameriprise Financial Inc. now owns 136,735 shares of the company's stock valued at $2,713,000 after purchasing an additional 40,763 shares during the period. BNP Paribas Financial Markets acquired a new position in SoundHound AI during the fourth quarter worth $1,405,000. Bank of America Corp DE boosted its holdings in SoundHound AI by 32.2% during the fourth quarter. Bank of America Corp DE now owns 803,982 shares of the company's stock valued at $15,951,000 after acquiring an additional 195,795 shares during the period. Deutsche Bank AG lifted its stake in shares of SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock valued at $5,249,000 after buying an additional 103,450 shares during the period. Finally, Focus Partners Wealth lifted its stake in shares of SoundHound AI by 11.0% in the fourth quarter. Focus Partners Wealth now owns 53,586 shares of the company's stock valued at $1,083,000 after buying an additional 5,321 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. LADENBURG THALM/SH SH raised 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 research report on Monday, August 11th. Wedbush reiterated an "outperform" rating and issued a $16.00 price target on shares of SoundHound AI in a research note on Thursday. Finally, Oppenheimer initiated coverage on shares of SoundHound AI in a research note on Thursday. They set a "market perform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $14.36.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 79,530 shares of the company'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 $744,400.80. Following the completion of the transaction, the insider directly owned 637,560 shares in the company, valued at $5,967,561.60. This represents a 11.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of the firm'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 $1,039,998.96. Following the transaction, the chief financial officer directly owned 1,442,900 shares of the company's stock, valued at $13,505,544. The trade was a 7.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 780,965 shares of company stock worth $7,350,999 over the last 90 days. 9.17% of the stock is owned by corporate insiders.

SoundHound AI Stock Down 3.2%

NASDAQ SOUN opened at $14.12 on Monday. The firm has a 50-day moving average price of $12.73 and a two-hundred day moving average price of $10.61. SoundHound AI, Inc. has a 12-month low of $4.45 and a 12-month high of $24.98. The company has a market capitalization of $5.76 billion, a P/E ratio of -22.41 and a beta of 2.58.

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 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 firm had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. During the same period last year, the company posted ($0.11) EPS. The business's revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. Equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

SoundHound AI Company 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.

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