Pekin Hardy Strauss Inc. Takes $107,000 Position in SoundHound AI, Inc. $SOUN

Pekin Hardy Strauss Inc. acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the second quarter, Holdings Channel reports. The firm acquired 10,000 shares of the company’s stock, valued at approximately $107,000.

A number of other institutional investors also recently added to or reduced their stakes in SOUN. Janney Montgomery Scott LLC raised its holdings in SoundHound AI by 4.0% in the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock worth $248,000 after purchasing an additional 880 shares in the last quarter. Apexium Financial LP boosted its holdings in shares of SoundHound AI by 2.8% in the 2nd quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock valued at $394,000 after buying an additional 1,000 shares in the last quarter. Belpointe Asset Management LLC grew its position in shares of SoundHound AI by 9.6% in the 2nd quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company’s stock worth $123,000 after buying an additional 1,000 shares during the last quarter. Huntington National Bank raised its stake in shares of SoundHound AI by 48.8% during the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company’s stock worth $33,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of SoundHound AI by 11.6% during the 1st quarter. Allworth Financial LP now owns 11,062 shares of the company’s stock worth $90,000 after acquiring an additional 1,153 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Down 0.6%

NASDAQ SOUN opened at $14.14 on Friday. SoundHound AI, Inc. has a 12-month low of $5.97 and a 12-month high of $24.98. The company has a fifty day simple moving average of $16.67 and a two-hundred day simple moving average of $12.98. The stock has a market cap of $5.76 billion, a P/E ratio of -16.83 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.06. The firm had revenue of $42.05 million for the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative return on equity of 100.07% and a negative net margin of 211.16%.The firm’s revenue was up 67.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.04) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Michael Zagorsek sold 69,837 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief operating officer directly owned 1,860,790 shares in the company, valued at $29,772,640. This trade represents a 3.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Majid Emami sold 42,119 shares of SoundHound AI stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $673,904.00. Following the sale, the vice president directly owned 685,538 shares of the company’s stock, valued at $10,968,608. This trade represents a 5.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 785,917 shares of company stock valued at $13,955,610. Insiders own 9.17% of the company’s stock.

Analysts Set New Price Targets

SOUN has been the subject of several recent analyst reports. Oppenheimer started coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating for the company. DA Davidson increased their price objective on SoundHound AI from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. HC Wainwright raised their price objective on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research note on Tuesday, October 14th. Finally, Northland Capmk upgraded SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.93.

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.