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

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

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SOUN. Janney Montgomery Scott LLC raised its holdings in SoundHound AI by 7.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,193 shares of the company’s stock valued at $180,000 after acquiring an additional 1,502 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in SoundHound AI by 2.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 211,757 shares of the company’s stock valued at $1,719,000 after acquiring an additional 5,306 shares in the last quarter. International Assets Investment Management LLC raised its holdings in SoundHound AI by 34.4% in the 1st quarter. International Assets Investment Management LLC now owns 15,037 shares of the company’s stock valued at $122,000 after acquiring an additional 3,852 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in SoundHound AI by 100.0% in 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 in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in SoundHound AI by 72.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,775 shares of the company’s stock valued at $491,000 after acquiring an additional 24,362 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Northland Capmk upgraded SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Oppenheimer assumed coverage on SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating on the stock. Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target on the stock in a research note on Friday, August 8th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a research note on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.50.

SoundHound AI Stock Up 2.7%

Shares of SOUN stock opened at $18.24 on Friday. The firm has a market capitalization of $7.44 billion, a P/E ratio of -28.95 and a beta of 2.60. SoundHound AI, Inc. has a twelve month low of $4.97 and a twelve month high of $24.98. The stock’s fifty day simple moving average is $15.86 and its 200 day simple moving average is $12.26.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share 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 firm 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 firm earned ($0.11) EPS. The company’s revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 60,376 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer owned 1,765,928 shares in the company, valued at approximately $37,455,332.88. The trade was a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 70,524 shares of the company’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $1,410,480.00. Following the completion of the sale, the chief technology officer owned 606,525 shares in the company, valued at $12,130,500. This trade represents a 10.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 785,917 shares of company stock worth $13,955,610. 9.17% of the stock is currently owned by insiders.

SoundHound AI Company 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.