Essex LLC Sells 6,856 Shares of SoundHound AI, Inc. $SOUN

Essex LLC cut its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 28.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,672 shares of the company’s stock after selling 6,856 shares during the quarter. Essex LLC’s holdings in SoundHound AI were worth $190,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SOUN. Janney Montgomery Scott LLC grew its position in SoundHound AI by 4.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock worth $248,000 after acquiring an additional 880 shares during the last quarter. Apexium Financial LP grew its holdings in shares of SoundHound AI by 2.8% during the second 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 last quarter. Belpointe Asset Management LLC grew its holdings in shares of SoundHound AI by 9.6% during the second 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 last quarter. Allworth Financial LP grew its holdings in shares of SoundHound AI by 11.6% during the first 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 last quarter. Finally, Integrated Wealth Concepts LLC grew its holdings in shares of SoundHound AI by 8.9% during the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock worth $119,000 after purchasing an additional 1,201 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,523 shares of the firm’s stock in a transaction on 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 42,119 shares of the firm’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 $673,904.00. Following the completion of the transaction, the vice president directly owned 685,538 shares in the company, valued at $10,968,608. This trade represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 725,541 shares of company stock valued at $12,675,035. Corporate insiders own 9.17% of the company’s stock.

SoundHound AI Stock Performance

SoundHound AI stock opened at $21.40 on Thursday. The stock has a market capitalization of $8.72 billion, a price-to-earnings ratio of -33.97 and a beta of 2.60. SoundHound AI, Inc. has a 52-week low of $4.86 and a 52-week high of $24.98. The stock’s 50 day moving average price is $15.38 and its two-hundred day moving average price is $11.81.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The company 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 earned ($0.11) EPS. SoundHound AI’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. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Wedbush reissued an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a research note on Thursday, September 11th. Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. DA Davidson upped their price target on SoundHound AI from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday. 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.36.

About SoundHound AI

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.