SoundHound AI, Inc. $SOUN Shares Sold by Invesco Ltd.

Invesco Ltd. cut its holdings in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 65.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 473,287 shares of the company's stock after selling 909,084 shares during the period. Invesco Ltd. owned about 0.12% of SoundHound AI worth $3,843,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew 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 valued at $284,687,000 after purchasing an additional 3,028,281 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in SoundHound AI in the 4th quarter valued at approximately $16,421,000. Price T Rowe Associates Inc. MD lifted its stake in SoundHound AI by 501.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 901,687 shares of the company's stock valued at $17,891,000 after buying an additional 751,857 shares in the last quarter. UNICOM Systems Inc. grew its holdings in SoundHound AI by 234.0% during the 1st quarter. UNICOM Systems Inc. now owns 785,000 shares of the company's stock valued at $6,374,000 after buying an additional 550,000 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in SoundHound AI during the fourth quarter worth $7,789,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 254,376 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $2,380,959.36. Following the completion of the sale, the chief executive officer directly owned 1,749,790 shares of the company's stock, valued at $16,378,034.40. The trade was a 12.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Majid Emami sold 132,352 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total value of $1,328,814.08. Following the sale, the vice president owned 537,482 shares in the company, valued at $5,396,319.28. The trade was a 19.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 913,317 shares of company stock worth $8,679,813 over the last 90 days. Company insiders own 9.17% of the company's stock.

SoundHound AI Stock Up 5.2%

Shares of NASDAQ SOUN opened at $12.53 on Friday. SoundHound AI, Inc. has a fifty-two week low of $4.32 and a fifty-two week high of $24.98. The business has a 50 day moving average price of $11.93 and a two-hundred day moving average price of $10.42. The firm has a market cap of $5.11 billion, a PE ratio of -19.89 and a beta of 2.57.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The business had revenue of $42.68 million for the quarter, compared to analysts' expectations of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The business's quarterly revenue was up 216.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. On average, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Wall Street Zen lowered shares of SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Northland Securities raised shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target on the stock in a research note on Friday, August 8th. Wedbush boosted their price objective on shares of SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and raised their target price for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, SoundHound AI presently has a consensus rating of "Moderate Buy" and an average target price of $13.36.

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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