SoundHound AI, Inc. $SOUN Shares Acquired by Caitong International Asset Management Co. Ltd

Caitong International Asset Management Co. Ltd grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 852.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 110,831 shares of the company’s stock after buying an additional 99,193 shares during the quarter. SoundHound AI comprises about 0.8% of Caitong International Asset Management Co. Ltd’s investment portfolio, making the stock its 23rd largest holding. Caitong International Asset Management Co. Ltd’s holdings in SoundHound AI were worth $1,189,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Kozak & Associates Inc. grew its stake in shares of SoundHound AI by 6,249.0% in the second quarter. Kozak & Associates Inc. now owns 3,238 shares of the company’s stock worth $35,000 after acquiring an additional 3,187 shares in the last quarter. AlphaQuest LLC acquired a new position in shares of SoundHound AI in the first quarter worth $32,000. Golden State Wealth Management LLC grew its stake 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 worth $34,000 after acquiring an additional 2,115 shares in the last quarter. Quarry LP grew its stake in shares of SoundHound AI by 1,552.7% in the first quarter. Quarry LP now owns 5,272 shares of the company’s stock worth $43,000 after acquiring an additional 4,953 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of SoundHound AI by 72.7% in the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company’s stock worth $57,000 after acquiring an additional 2,959 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 60,376 shares of the business’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $21.21, for a total value of $1,280,574.96. Following the completion of the sale, the chief financial officer directly owned 1,765,928 shares of the company’s stock, valued at $37,455,332.88. The trade was a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Zagorsek sold 69,837 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the completion of the sale, the chief operating officer directly owned 1,860,790 shares of the company’s stock, valued at approximately $29,772,640. This trade represents a 3.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 785,917 shares of company stock valued at $13,955,610 over the last quarter. 9.17% of the stock is owned by corporate insiders.

SoundHound AI Price Performance

Shares of SOUN opened at $18.24 on Friday. SoundHound AI, Inc. has a 1-year low of $4.97 and a 1-year high of $24.98. The stock has a market cap of $7.44 billion, a PE ratio of -28.95 and a beta of 2.60. The firm has a fifty day moving average price of $15.86 and a 200 day moving average price of $12.26.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $32.88 million. During the same period last year, the firm earned ($0.11) earnings per share. SoundHound AI’s revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. Oppenheimer assumed coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating for the company. Wall Street Zen downgraded shares of SoundHound AI from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Northland Securities upgraded shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price for the company in a research note on Friday, August 8th. Finally, Piper Sandler reiterated a “neutral” rating and set a $12.00 target price on shares of SoundHound AI in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.50.

SoundHound AI 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.