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Virtu Financial LLC Takes Position in SoundHound AI, Inc. (NASDAQ:SOUN)

SoundHound AI logo with Computer and Technology background

Key Points

  • Virtu Financial LLC acquired 294,907 shares of SoundHound AI, Inc. for approximately $2.4 million, representing a 0.07% ownership stake as per their recent SEC filing.
  • SoundHound AI recorded a revenue of $42.68 million in its latest quarter, significantly exceeding analysts' expectations of $32.88 million, although it reported an earnings loss of $0.19 per share.
  • Market analysts have varied opinions on SoundHound AI, with ratings ranging from "sell" to "strong-buy", while its average target price stands at $12.07.
  • Looking to Export and Analyze SoundHound AI Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Virtu Financial LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 294,907 shares of the company's stock, valued at approximately $2,395,000. Virtu Financial LLC owned about 0.07% of SoundHound AI as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SOUN. Russell Investments Group Ltd. boosted its position in SoundHound AI by 16.4% in the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after buying an additional 929 shares during the last quarter. CreativeOne Wealth LLC increased its holdings in shares of SoundHound AI by 3.7% during the fourth quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company's stock worth $595,000 after buying an additional 1,073 shares in the last quarter. Allworth Financial LP boosted its position in SoundHound AI by 11.6% during the first quarter. Allworth Financial LP now owns 11,062 shares of the company's stock valued at $90,000 after acquiring an additional 1,153 shares during the last quarter. Amalgamated Bank lifted its position in SoundHound AI by 13.7% in the 1st quarter. Amalgamated Bank now owns 11,162 shares of the company's stock valued at $91,000 after acquiring an additional 1,343 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 19.28% of the company's stock.

Insiders Place Their Bets

In related news, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the transaction, the director owned 153,949 shares in the company, valued at $1,530,253.06. This represents a 1.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 2,981 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $9.68, for a total value of $28,856.08. Following the transaction, the chief technology officer directly owned 716,866 shares in the company, valued at approximately $6,939,262.88. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 961,289 shares of company stock worth $9,247,847 in the last quarter. Insiders own 9.17% of the company's stock.

SoundHound AI Stock Performance

SOUN traded up $2.83 during midday trading on Friday, hitting $13.55. The company had a trading volume of 206,161,228 shares, compared to its average volume of 44,723,188. SoundHound AI, Inc. has a twelve month low of $4.32 and a twelve month high of $24.98. The firm's 50-day simple moving average is $10.76 and its 200-day simple moving average is $10.45. The company has a market capitalization of $5.44 billion, a PE ratio of -21.51 and a beta of 2.57.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 77.38% and a negative net margin of 171.81%. The firm had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. During the same period last year, the company posted ($0.11) earnings per share. The business's revenue was up 216.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on SOUN. HC Wainwright decreased their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Wedbush raised their price objective on SoundHound AI from $15.00 to $16.00 and gave the stock an "outperform" rating in a report on Friday. Northland Securities raised shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price objective on the stock in a report on Friday. Piper Sandler restated a "neutral" rating and set a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. Finally, DA Davidson cut their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $12.07.

View Our Latest Research Report on SoundHound AI

SoundHound AI Company Profile

(Free Report)

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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Institutional Ownership by Quarter for SoundHound AI (NASDAQ:SOUN)

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