SoundHound AI, Inc. $SOUN Shares Sold by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management L.P. reduced its position in SoundHound AI, Inc. by 5.5% in Q1, owning 813,513 shares valued at approximately $6.61 million.
• Several institutional investors have increased their stakes in SoundHound AI, with Vanguard Group growing its position by 9.5% during the same quarter, now holding over 35 million shares worth about $284 million.
• Analysts have set new price targets for SoundHound AI, with estimates ranging from $14.50 to $16.00, despite the company recently reporting a lower-than-expected EPS of (0.19) for the last quarter.

Tocqueville Asset Management L.P. lessened its position in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 5.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 813,513 shares of the company's stock after selling 47,014 shares during the quarter. Tocqueville Asset Management L.P. owned approximately 0.20% of SoundHound AI worth $6,606,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Orion Capital Management LLC bought a new stake in SoundHound AI during the fourth quarter worth $30,000. Golden State Wealth Management LLC boosted its position in shares of SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares during the period. Larson Financial Group LLC grew its stake in SoundHound AI by 72.7% during the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company's stock worth $57,000 after buying an additional 2,959 shares in the last quarter. Harbor Investment Advisory LLC grew its stake in SoundHound AI by 387.1% during the first quarter. Harbor Investment Advisory LLC now owns 7,550 shares of the company's stock worth $61,000 after buying an additional 6,000 shares in the last quarter. Finally, NBC Securities Inc. grew its stake in SoundHound AI by 127,900.0% during the first quarter. NBC Securities Inc. now owns 7,680 shares of the company's stock worth $62,000 after buying an additional 7,674 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

SoundHound AI Price Performance

NASDAQ:SOUN traded down $1.52 on Tuesday, reaching $13.30. 45,200,241 shares of the company's stock were exchanged, compared to its average volume of 41,291,641. The stock has a fifty day simple moving average of $11.47 and a 200-day simple moving average of $10.52. SoundHound AI, Inc. has a 52 week low of $4.32 and a 52 week high of $24.98. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of -21.11 and a beta of 2.57.

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

Insider Transactions at SoundHound AI

In related news, COO Michael Zagorsek sold 117,180 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,096,804.80. Following the completion of the sale, the chief operating officer directly owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This trade represents a 8.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Ming Hom sold 79,530 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the transaction, the insider owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. This trade represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 913,317 shares of company stock worth $8,679,813 over the last quarter. Corporate insiders own 9.17% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. 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 research report on Friday, August 8th. HC Wainwright reduced their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Wall Street Zen downgraded shares of SoundHound AI from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.36.

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.