SoundHound AI, Inc. $SOUN Shares Sold by Philip James Wealth Mangement LLC

Key Points

• Philip James Wealth Management LLC significantly reduced its stake in SoundHound AI, selling 61,489 shares and decreasing its position by 66.9% during the second quarter, leaving it with 30,406 shares.
• SoundHound AI reported a quarterly revenue of $42.68 million, which exceeded analyst expectations of $32.88 million, despite a loss of ($0.19) earnings per share that missed the consensus estimate.
• Securities and investment firms such as Vanguard Group and Goldman Sachs have increased their stakes in SoundHound AI, suggesting a bullish sentiment among institutional investors.

Philip James Wealth Mangement LLC decreased its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 66.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,406 shares of the company's stock after selling 61,489 shares during the quarter. Philip James Wealth Mangement LLC's holdings in SoundHound AI were worth $326,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SOUN. Vanguard Group Inc. boosted its position in SoundHound AI by 9.5% during the 1st 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after acquiring an additional 2,274,105 shares during the period. Northern Trust Corp boosted its position in SoundHound AI by 2.5% during the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after acquiring an additional 72,766 shares during the period. Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 4.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock worth $23,120,000 after acquiring an additional 121,568 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after buying an additional 1,085,473 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Trading Up 0.4%

SOUN stock opened at $16.15 on Thursday. The stock has a market cap of $6.58 billion, a PE ratio of -25.63 and a beta of 2.60. The stock has a 50-day moving average price of $13.79 and a two-hundred day moving average price of $11.18. 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 announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The company had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. SoundHound AI's revenue was up 216.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. On average, analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 42,119 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 value of $673,904.00. Following the transaction, the insider directly owned 845,441 shares of the company's stock, valued at $13,527,056. This trade represents a 4.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Majid Emami sold 42,119 shares of the business's stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total transaction of $673,904.00. Following the sale, the vice president directly owned 685,538 shares in the company, valued at approximately $10,968,608. The trade was a 5.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 495,196 shares of company stock valued at $8,068,135 over the last three months. 9.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. DA Davidson boosted their price objective on SoundHound AI from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Wedbush reiterated an "outperform" rating and set a $16.00 price target on shares of SoundHound AI in a report on Thursday, September 11th. LADENBURG THALM/SH SH upgraded SoundHound AI from a "neutral" rating to a "buy" rating and boosted their target price for the company from $9.00 to $16.00 in a research note on Monday, August 11th. Wall Street Zen downgraded SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Northland Securities raised SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target for the company in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, SoundHound AI presently has an average rating of "Moderate Buy" and a consensus target price of $14.36.

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.

Want to see what other hedge funds are holding SOUN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SoundHound AI, Inc. (NASDAQ:SOUN - Free Report).

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.