Stratos Wealth Partners LTD. Acquires 7,325 Shares of SoundHound AI, Inc. $SOUN

Stratos Wealth Partners LTD. grew its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 10.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,642 shares of the company’s stock after purchasing an additional 7,325 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in SoundHound AI were worth $812,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC purchased a new stake in SoundHound AI during the first quarter worth about $32,000. Golden State Wealth Management LLC grew its position in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock valued at $34,000 after acquiring an additional 2,115 shares during the period. Kozak & Associates Inc. increased its stake in shares of SoundHound AI by 6,249.0% during the 2nd quarter. Kozak & Associates Inc. now owns 3,238 shares of the company’s stock worth $35,000 after purchasing an additional 3,187 shares during the last quarter. Quarry LP raised its holdings in shares of SoundHound AI by 1,552.7% in the 1st quarter. Quarry LP now owns 5,272 shares of the company’s stock worth $43,000 after purchasing an additional 4,953 shares during the period. Finally, Larson Financial Group LLC lifted its stake in SoundHound AI by 72.7% in the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company’s stock valued at $57,000 after purchasing an additional 2,959 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 118,654 shares of the company’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $2,373,080.00. Following the transaction, the chief executive officer owned 2,342,613 shares of the company’s stock, valued at approximately $46,852,260. This represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 60,376 shares of the stock in a transaction on Tuesday, October 14th. The stock was 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 owned 1,765,928 shares in the company, valued at $37,455,332.88. This trade represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 785,917 shares of company stock worth $13,955,610. Company insiders own 9.17% of the company’s stock.

SoundHound AI Stock Down 2.6%

Shares of NASDAQ SOUN opened at $17.76 on Thursday. The company has a market cap of $7.24 billion, a P/E ratio of -28.19 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 business has a 50-day simple moving average of $15.82 and a two-hundred day simple moving average of $12.19.

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 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 company had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. During the same quarter in the prior year, the company earned ($0.11) earnings per share. The company’s quarterly revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on SOUN. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $9.00 to $16.00 in a report on Monday, August 11th. HC Wainwright upped their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th. DA Davidson increased their target price on shares of SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Finally, Wall Street Zen downgraded shares of SoundHound AI from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. One 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average 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.