Themes Management Co LLC Grows Stock Position in SoundHound AI, Inc. $SOUN

Key Points

• Themes Management Co LLC boosted its SoundHound AI stake by 86.5% in the first quarter, ending with 191,444 shares valued at about $1.32 million.
• Several other hedge funds also increased holdings, and institutional investors now own 19.28% of the company’s stock.
• Insiders sold shares recently, including CEO Keyvan Mohajer and SVP Majid Emami, while the stock traded near $6.16, close to its 12-month low of $5.83.

Themes Management Co LLC grew its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 86.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 191,444 shares of the company's stock after buying an additional 88,820 shares during the quarter. Themes Management Co LLC's holdings in SoundHound AI were worth $1,315,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Waverly Advisors LLC grew its holdings in SoundHound AI by 8.1% during the first quarter. Waverly Advisors LLC now owns 59,994 shares of the company's stock worth $412,000 after acquiring an additional 4,472 shares during the period. Hilltop Holdings Inc. lifted its holdings in SoundHound AI by 3.5% in the first quarter. Hilltop Holdings Inc. now owns 51,358 shares of the company's stock valued at $353,000 after acquiring an additional 1,753 shares during the period. Keynote Financial Services LLC lifted its holdings in SoundHound AI by 6.9% in the first quarter. Keynote Financial Services LLC now owns 37,321 shares of the company's stock valued at $256,000 after acquiring an additional 2,405 shares during the period. PNC Financial Services Group Inc. boosted its position in SoundHound AI by 100.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,193 shares of the company's stock worth $118,000 after purchasing an additional 8,610 shares in the last quarter. Finally, Hollencrest Capital Management boosted its position in SoundHound AI by 197.5% in the 1st quarter. Hollencrest Capital Management now owns 3,615 shares of the company's stock worth $25,000 after purchasing an additional 2,400 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

Insider Buying and Selling at SoundHound AI

In other news, SVP Majid Emami sold 28,843 shares of the firm'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 transaction, the senior vice president owned 472,983 shares in the company, valued at $3,528,453.18. This trade represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Keyvan Mohajer sold 126,540 shares of SoundHound AI 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 $943,988.40. Following the completion of the sale, the chief executive officer directly owned 1,947,237 shares in the company, valued at $14,526,388.02. This represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 268,022 shares of company stock valued at $1,999,444. 8.84% of the stock is owned by insiders.

SoundHound AI Trading Down 1.0%

Shares of SOUN opened at $6.16 on Friday. The firm has a market cap of $2.67 billion, a P/E ratio of -13.11 and a beta of 2.62. SoundHound AI, Inc. has a 12 month low of $5.83 and a 12 month high of $22.17. The stock's 50 day moving average is $7.17 and its two-hundred day moving average is $7.94.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The company 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 in the prior year, the business posted ($0.06) EPS. Equities research analysts forecast that SoundHound AI, Inc. will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

SOUN has been the subject of several recent research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of SoundHound AI in a report on Monday, June 15th. DA Davidson reissued a "buy" rating and set a $14.00 price target on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, LADENBURG THALM/SH SH raised shares of SoundHound AI to a "strong-buy" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and a consensus target price of $14.93.

SoundHound AI Profile

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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