Pekin Hardy Strauss Inc. Invests $107,000 in SoundHound AI, Inc. $SOUN

Pekin Hardy Strauss Inc. bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,000 shares of the company’s stock, valued at approximately $107,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of SOUN. Janney Montgomery Scott LLC increased its position in SoundHound AI by 4.0% during the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock valued at $248,000 after acquiring an additional 880 shares during the last quarter. Apexium Financial LP boosted its stake in shares of SoundHound AI by 2.8% during the 2nd quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock worth $394,000 after purchasing an additional 1,000 shares during the period. Belpointe Asset Management LLC boosted its stake in shares of SoundHound AI by 9.6% during the 2nd quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company’s stock worth $123,000 after purchasing an additional 1,000 shares during the period. Huntington National Bank grew its holdings in SoundHound AI by 48.8% during the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company’s stock valued at $33,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Allworth Financial LP raised its position in SoundHound AI by 11.6% in the 1st quarter. Allworth Financial LP now owns 11,062 shares of the company’s stock worth $90,000 after purchasing an additional 1,153 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of NASDAQ SOUN opened at $14.14 on Friday. SoundHound AI, Inc. has a 52-week low of $5.97 and a 52-week high of $24.98. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of -16.83 and a beta of 2.60. The stock has a 50 day moving average price of $16.67 and a 200 day moving average price of $12.98.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 100.07% and a negative net margin of 211.16%.The company had revenue of $42.05 million for the quarter, compared to the consensus estimate of $40.48 million. During the same period last year, the business posted ($0.04) EPS. SoundHound AI’s quarterly revenue was up 67.6% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In related news, VP Majid Emami sold 42,119 shares of SoundHound AI stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $673,904.00. Following the completion of the sale, the vice president directly owned 685,538 shares in the company, valued at $10,968,608. The trade was a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Nitesh Sharan sold 126,596 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $16.58, for a total transaction of $2,098,961.68. Following the completion of the sale, the chief financial officer directly owned 1,796,304 shares of the company’s stock, valued at approximately $29,782,720.32. This trade represents a 6.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 785,917 shares of company stock valued at $13,955,610. Company insiders own 9.17% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on SOUN. Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Oppenheimer started coverage on SoundHound AI in a report on Thursday, September 11th. They set a “market perform” rating for the company. HC Wainwright upped their price objective on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, Piper Sandler lifted their target price on SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.93.

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.