Mitsubishi UFJ Asset Management Co. Ltd. Sells 63,216 Shares of SoundHound AI, Inc. $SOUN

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 39.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 97,874 shares of the company’s stock after selling 63,216 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in SoundHound AI were worth $1,050,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new position in SoundHound AI during the 1st quarter valued at approximately $399,000. Bank of New York Mellon Corp boosted its position in shares of SoundHound AI by 5.6% during the 1st quarter. Bank of New York Mellon Corp now owns 919,854 shares of the company’s stock valued at $7,469,000 after acquiring an additional 49,011 shares during the last quarter. Allworth Financial LP grew its holdings in shares of SoundHound AI by 11.6% in 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 in the last quarter. Xponance Inc. increased its position in SoundHound AI by 11.1% in the first quarter. Xponance Inc. now owns 24,584 shares of the company’s stock worth $200,000 after purchasing an additional 2,451 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in SoundHound AI by 2.2% during the first quarter. Arizona State Retirement System now owns 96,590 shares of the company’s stock valued at $784,000 after purchasing an additional 2,039 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $12.17 on Friday. SoundHound AI, Inc. has a 1 year low of $5.97 and a 1 year high of $24.98. The firm has a 50-day simple moving average of $16.64 and a two-hundred day simple moving average of $13.09. The company has a market cap of $4.96 billion, a P/E ratio of -14.49 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The firm had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. The company’s quarterly revenue was up 67.6% 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 year.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of research reports. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $9.00 to $16.00 in a report on Monday, August 11th. Wedbush reissued an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a research note on Thursday, September 11th. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Piper Sandler lifted their target price on SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Finally, Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $17.42.

Insiders Place Their Bets

In other news, VP Majid Emami sold 41,167 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 $823,340.00. Following the transaction, the vice president directly owned 608,186 shares in the company, valued at approximately $12,163,720. This represents a 6.34% decrease in their ownership of the stock. 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 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 transaction 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 represents a 3.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 787,260 shares of company stock valued at $13,973,056. 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.