M.E. Allison & CO. Inc. Reduces Position in SoundHound AI, Inc. $SOUN

M.E. Allison & CO. Inc. cut its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 5.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,900 shares of the company’s stock after selling 1,000 shares during the period. M.E. Allison & CO. Inc.’s holdings in SoundHound AI were worth $181,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of SoundHound AI by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock valued at $284,687,000 after purchasing an additional 3,028,281 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock valued at $40,390,000 after buying an additional 2,274,105 shares during the last quarter. Northern Trust Corp grew its position in shares of SoundHound AI by 2.5% in the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock valued at $24,190,000 after buying an additional 72,766 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of SoundHound AI by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company’s stock valued at $23,120,000 after buying an additional 121,568 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after buying an additional 1,085,473 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SOUN shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a research report on Saturday, September 27th. Wall Street Zen downgraded shares of SoundHound AI from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Oppenheimer started coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They issued a “market perform” rating on the stock. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $16.00 target price on shares of SoundHound AI in a research report on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $14.36.

Insider Activity

In other news, COO Michael Zagorsek sold 69,837 shares of SoundHound AI stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the completion of the sale, the chief operating officer directly owned 1,860,790 shares in the company, valued at $29,772,640. The trade was a 3.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Nitesh Sharan sold 126,596 shares of SoundHound AI 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 sale, the chief financial officer 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. The disclosure for this sale can be found here. Insiders sold a total of 725,541 shares of company stock worth $12,675,035 in the last three months. Company insiders own 9.17% of the company’s stock.

SoundHound AI Stock Performance

SOUN stock opened at $17.36 on Monday. SoundHound AI, Inc. has a one year low of $4.74 and a one year high of $24.98. The stock has a market capitalization of $7.08 billion, a PE ratio of -27.56 and a beta of 2.60. The company has a fifty day moving average of $14.80 and a 200-day moving average of $11.61.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results 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). The company had revenue of $42.68 million during the quarter, compared to analysts’ expectations of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The business’s revenue for the quarter was up 216.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal 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.