SoundHound AI, Inc. $SOUN Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. reduced its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 16.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,710 shares of the company’s stock after selling 4,157 shares during the quarter. Freedom Investment Management Inc.’s holdings in SoundHound AI were worth $233,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SOUN. Janney Montgomery Scott LLC lifted its holdings in shares of SoundHound AI by 7.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,193 shares of the company’s stock valued at $180,000 after buying an additional 1,502 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in SoundHound AI by 2.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 211,757 shares of the company’s stock worth $1,719,000 after purchasing an additional 5,306 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock worth $34,000 after purchasing an additional 2,115 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in SoundHound AI by 72.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,775 shares of the company’s stock worth $491,000 after purchasing an additional 24,362 shares during the last quarter. Finally, KBC Group NV raised its holdings in SoundHound AI by 22.6% during the first quarter. KBC Group NV now owns 16,206 shares of the company’s stock worth $132,000 after purchasing an additional 2,985 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SOUN shares. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective for the company in a report on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Wedbush reaffirmed an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 price objective on shares of SoundHound AI in a report on Monday, July 14th. Finally, DA Davidson boosted their price target on SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $15.50.

Insider Activity

In related news, VP Majid Emami sold 42,119 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $673,904.00. Following the transaction, the vice president directly owned 685,538 shares of the company’s stock, valued at approximately $10,968,608. This trade represents a 5.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 138,523 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $2,216,368.00. Following the sale, the chief executive officer directly owned 2,461,267 shares of the company’s stock, valued at approximately $39,380,272. This trade represents a 5.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 785,917 shares of company stock valued at $13,955,610 in the last ninety days. 9.17% of the stock is owned by company insiders.

SoundHound AI Stock Up 1.9%

NASDAQ SOUN opened at $18.33 on Tuesday. SoundHound AI, Inc. has a fifty-two week low of $4.97 and a fifty-two week high of $24.98. The stock has a market cap of $7.47 billion, a price-to-earnings ratio of -29.10 and a beta of 2.60. The business has a fifty day moving average of $15.97 and a 200-day moving average of $12.46.

SoundHound AI (NASDAQ:SOUN) last released its earnings results 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 net margin of 171.81% and a negative return on equity of 73.13%. The business had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. During the same quarter in the previous year, the company posted ($0.11) earnings per share. The business’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, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

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.