Virtu Financial LLC Invests $2.40 Million in SoundHound AI, Inc. (NASDAQ:SOUN)

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.

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

Several other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in SoundHound AI by 9.5% during the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock worth $284,687,000 after buying an additional 3,028,281 shares during the period. Northern Trust Corp grew its stake in shares of SoundHound AI by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock valued at $57,660,000 after purchasing an additional 264,382 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock valued at $23,120,000 after purchasing an additional 121,568 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in shares of SoundHound AI in the 4th quarter valued at approximately $41,595,000. Finally, Invesco Ltd. grew its stake in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Stock Down 1.8%

Shares of SoundHound AI stock traded down $0.30 during trading on Wednesday, reaching $15.69. The company's stock had a trading volume of 34,161,424 shares, compared to its average volume of 41,059,664. SoundHound AI, Inc. has a 12-month low of $4.32 and a 12-month high of $24.98. The company has a market capitalization of $6.30 billion, a P/E ratio of -24.98 and a beta of 2.57. The business has a 50 day moving average price of $11.00 and a 200-day moving average price of $10.49.

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

Analyst Ratings Changes

Several brokerages have weighed in on SOUN. HC Wainwright lowered their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Piper Sandler reiterated a "neutral" rating and issued a $12.00 target price on shares of SoundHound AI in a research note on Monday, July 14th. Wall Street Zen downgraded SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday. Northland Capmk upgraded SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 8th. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI from a "neutral" rating to a "buy" rating and lifted their target price for the company from $9.00 to $16.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $13.36.

Insider Activity at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 60,295 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total transaction of $602,950.00. Following the sale, the vice president directly owned 477,657 shares in the company, valued at approximately $4,776,570. The trade was a 11.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 2,981 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total value of $28,856.08. Following the sale, the chief technology officer 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 sold 913,317 shares of company stock valued at $8,679,813 in the last 90 days. 9.17% of the stock is owned by corporate insiders.

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.