Carnegie Investment Counsel Has $12.86 Million Position in SoundHound AI, Inc. $SOUN

Carnegie Investment Counsel lifted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 12.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,198,680 shares of the company’s stock after buying an additional 128,820 shares during the period. Carnegie Investment Counsel owned about 0.30% of SoundHound AI worth $12,862,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Janney Montgomery Scott LLC boosted 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 purchasing an additional 880 shares during the last quarter. Apexium Financial LP boosted its position in SoundHound AI by 2.8% during the second quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock valued at $394,000 after purchasing an additional 1,000 shares during the last quarter. Belpointe Asset Management LLC boosted its position in SoundHound AI by 9.6% during the second quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company’s stock valued at $123,000 after purchasing an additional 1,000 shares during the last quarter. Allworth Financial LP boosted its position in SoundHound AI by 11.6% during the first quarter. Allworth Financial LP now owns 11,062 shares of the company’s stock valued at $90,000 after purchasing an additional 1,153 shares during the last quarter. Finally, Integrated Wealth Concepts LLC boosted its position in SoundHound AI by 8.9% during the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock valued at $119,000 after purchasing an additional 1,201 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SOUN has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Northland Capmk upgraded shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Piper Sandler restated a “neutral” rating and set a $12.00 price objective on shares of SoundHound AI in a research note on Monday, July 14th. Oppenheimer began coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating on the stock. Finally, Wedbush reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a research report on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.50.

SoundHound AI Price Performance

Shares of SoundHound AI stock opened at $18.24 on Friday. The business has a fifty day simple moving average of $15.86 and a two-hundred day simple moving average of $12.26. SoundHound AI, Inc. has a 1 year low of $4.97 and a 1 year high of $24.98. The company has a market capitalization of $7.44 billion, a price-to-earnings ratio of -28.95 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last released 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). The firm had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The business’s revenue for the quarter was up 216.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 118,654 shares of SoundHound AI stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $2,373,080.00. Following the completion of the sale, the chief executive officer directly owned 2,342,613 shares of the company’s stock, valued at approximately $46,852,260. This trade represents a 4.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Michael Zagorsek sold 69,837 shares of SoundHound AI stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $1,117,392.00. Following the sale, the chief operating officer directly owned 1,860,790 shares of the company’s stock, valued at approximately $29,772,640. The trade was a 3.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 785,917 shares of company stock worth $13,955,610 in the last 90 days. Company insiders own 9.17% of the company’s stock.

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.