Marex Group plc Makes New Investment in SoundHound AI, Inc. $SOUN

Marex Group plc purchased a new position in SoundHound AI, Inc. (NASDAQ:SOUN) in the 2nd quarter, HoldingsChannel reports. The fund purchased 347,433 shares of the company’s stock, valued at approximately $3,728,000.

Other large investors have also modified their holdings of the company. Tyler Stone Wealth Management boosted its holdings in SoundHound AI by 20.7% in the second quarter. Tyler Stone Wealth Management now owns 32,190 shares of the company’s stock valued at $345,000 after purchasing an additional 5,510 shares during the period. Caxton Associates LLP acquired a new stake in SoundHound AI in the 2nd quarter valued at about $120,000. Headlands Technologies LLC purchased a new position in shares of SoundHound AI in the 2nd quarter valued at about $747,000. Tower Research Capital LLC TRC grew its position in shares of SoundHound AI by 271.5% during the second quarter. Tower Research Capital LLC TRC now owns 66,788 shares of the company’s stock worth $717,000 after buying an additional 48,808 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new stake in shares of SoundHound AI during the second quarter worth approximately $876,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. HC Wainwright lifted their price target on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Piper Sandler raised their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Wedbush reiterated an “outperform” rating and set a $16.00 target price on shares of SoundHound AI in a research note on Thursday, September 11th. DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of SoundHound AI in a research note on Tuesday, November 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.07.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $11.65 on Friday. SoundHound AI, Inc. has a 12 month low of $6.52 and a 12 month high of $24.98. The firm has a market capitalization of $4.89 billion, a P/E ratio of -13.87 and a beta of 2.63. The company’s fifty day moving average price is $15.04 and its 200 day moving average price is $13.38.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. During the same quarter last year, the company posted ($0.04) earnings per share. The business’s quarterly revenue was up 67.6% compared to the same quarter last year. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, CTO Timothy Stonehocker sold 70,524 shares of SoundHound AI stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the transaction, the chief technology officer owned 606,525 shares of the company’s stock, valued at $12,130,500. The trade was a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Majid Emami sold 42,119 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $673,904.00. Following the completion of the sale, the vice president owned 685,538 shares of the company’s stock, valued at approximately $10,968,608. This represents a 5.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 787,260 shares of company stock worth $13,973,056 over the last ninety days. 9.17% of the stock is owned by corporate insiders.

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.