Kovack Advisors Inc. Makes New $158,000 Investment in SoundHound AI, Inc. $SOUN

Kovack Advisors Inc. purchased a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,756 shares of the company’s stock, valued at approximately $158,000.

Other institutional investors have also added to or reduced their stakes in the company. Jennison Associates LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter valued at $313,000. United Capital Management of KS Inc. purchased a new stake in SoundHound AI during the second quarter worth about $231,000. Teacher Retirement System of Texas increased its holdings in SoundHound AI by 12.6% during the second quarter. Teacher Retirement System of Texas now owns 55,379 shares of the company’s stock worth $594,000 after buying an additional 6,213 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in SoundHound AI during the second quarter worth about $3,696,000. Finally, Nisa Investment Advisors LLC increased its holdings in SoundHound AI by 7.1% during the second quarter. Nisa Investment Advisors LLC now owns 45,545 shares of the company’s stock worth $489,000 after buying an additional 3,031 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 118,654 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 2,342,613 shares in the company, valued at approximately $46,852,260. The trade was a 4.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 41,167 shares of the business’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $823,340.00. Following the completion of the sale, the vice president directly owned 608,186 shares of the company’s stock, valued at $12,163,720. This represents a 6.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 785,917 shares of company stock worth $13,955,610. Corporate insiders own 9.17% of the company’s stock.

SoundHound AI Stock Down 2.9%

Shares of SOUN stock opened at $17.11 on Tuesday. The business has a 50-day moving average price of $16.47 and a two-hundred day moving average price of $12.82. SoundHound AI, Inc. has a 12-month low of $4.97 and a 12-month high of $24.98. The firm has a market cap of $6.98 billion, a P/E ratio of -27.16 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) 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 the consensus estimate of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The company’s revenue for the quarter was up 216.3% on a year-over-year basis. During the same period last year, the firm earned ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Analyst Ratings Changes

SOUN has been the subject of several analyst reports. DA Davidson raised their price objective on shares of SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Wall Street Zen lowered shares of SoundHound AI from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. HC Wainwright raised their price target 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. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Finally, Northland Securities raised shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target for the company in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $15.50.

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.