Southland Equity Partners LLC Acquires Shares of 21,499 SoundHound AI, Inc. $SOUN

Key Points

• Southland Equity Partners LLC has acquired 21,499 shares of SoundHound AI, Inc., valued at approximately $231,000, during the second quarter, reflecting growing institutional interest in the company.
• SoundHound AI's stock has seen a significant revenue increase of 216.3% compared to the same quarter last year, although it reported a loss of ($0.19) earnings per share, missing estimates.
• Analyst ratings for SoundHound AI vary, with a consensus average rating of "Moderate Buy" and price targets ranging from $12.00 to $18.00, indicating mixed market sentiment.

Southland Equity Partners LLC purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 21,499 shares of the company's stock, valued at approximately $231,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SOUN. Vanguard Group Inc. increased 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 acquiring an additional 3,028,281 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of SoundHound AI by 84.2% in 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 purchasing an additional 2,274,105 shares during the period. Northern Trust Corp raised its holdings in SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after purchasing an additional 72,766 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of 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 purchasing an additional 121,568 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in 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 acquiring an additional 1,085,473 shares during the period. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Stock Up 6.5%

Shares of NASDAQ SOUN traded up $1.06 during midday trading on Monday, reaching $17.31. 89,944,391 shares of the company's stock traded hands, compared to its average volume of 70,617,456. SoundHound AI, Inc. has a one year low of $4.45 and a one year high of $24.98. The stock's 50 day simple moving average is $13.15 and its 200-day simple moving average is $10.84. The company has a market cap of $7.06 billion, a price-to-earnings ratio of -27.48 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results 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). 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 during the quarter, compared to analyst estimates of $32.88 million. During the same quarter last year, the business posted ($0.11) EPS. The firm's revenue for the quarter was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. Equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. LADENBURG THALM/SH SH upgraded SoundHound AI from a "neutral" rating to a "buy" rating and increased their price target for the stock from $9.00 to $16.00 in a report on Monday, August 11th. Oppenheimer assumed coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They set a "market perform" rating on the stock. Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note 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 objective for the company in a report on Friday, August 8th. Finally, Northland Capmk upgraded SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. One 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $14.36.

Insider Buying and Selling

In related news, Director Diana Sroka sold 2,800 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total value of $27,832.00. Following the completion of the transaction, the director directly owned 153,949 shares of the company's stock, valued at approximately $1,530,253.06. This trade represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Majid Emami sold 60,295 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total value of $602,950.00. Following the transaction, the vice president owned 477,657 shares in the company, valued at $4,776,570. The trade was a 11.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,076 shares of company stock valued at $659,638. 9.17% of the stock is owned by company insiders.

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.