SoundHound AI, Inc. $SOUN Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 11.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,218,603 shares of the company's stock after selling 163,044 shares during the quarter. Bank of New York Mellon Corp owned about 0.29% of SoundHound AI worth $8,372,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Sigma Planning Corp grew its stake in shares of SoundHound AI by 5.3% in the 1st quarter. Sigma Planning Corp now owns 103,328 shares of the company's stock valued at $710,000 after purchasing an additional 5,213 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of SoundHound AI by 26.4% during the first quarter. Principal Financial Group Inc. now owns 28,049 shares of the company's stock worth $193,000 after purchasing an additional 5,855 shares during the period. International Assets Investment Management LLC grew its position in SoundHound AI by 18.4% in the 1st quarter. International Assets Investment Management LLC now owns 29,951 shares of the company's stock valued at $200,000 after buying an additional 4,659 shares during the last quarter. 180 Wealth Advisors LLC purchased a new position in SoundHound AI in the 1st quarter valued at $69,000. Finally, Sequoia Financial Advisors LLC acquired a new position in SoundHound AI in the 1st quarter valued at $103,000. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Price Performance

Shares of SOUN stock opened at $6.13 on Monday. The business's fifty day moving average price is $6.95 and its 200 day moving average price is $7.73. SoundHound AI, Inc. has a 1-year low of $5.65 and a 1-year high of $22.17. The firm has a market capitalization of $2.65 billion, a PE ratio of -13.04 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The business had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. SoundHound AI's revenue was up 51.7% compared to the same quarter last year. During the same period last year, the business posted ($0.06) EPS. Equities research analysts expect that SoundHound AI, Inc. will post -0.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SOUN shares. DA Davidson restated a "buy" rating and set a $14.00 price objective on shares of SoundHound AI in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of SoundHound AI in a report on Monday, June 15th. Finally, LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a "strong-buy" rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and an average price target of $14.93.

Insiders Place Their Bets

In other news, COO Michael Zagorsek sold 64,994 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $484,855.24. Following the sale, the chief operating officer owned 1,669,497 shares of the company's stock, valued at $12,454,447.62. The trade was a 3.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 28,843 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $215,168.78. Following the completion of the sale, the senior vice president owned 472,983 shares in the company, valued at approximately $3,528,453.18. This represents a 5.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 268,022 shares of company stock worth $1,999,444. Insiders own 8.84% of the company's stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company's core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.

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