Havemeyer Place LP Takes Position in SoundHound AI, Inc. $SOUN

Havemeyer Place LP acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 95,847 shares of the company’s stock, valued at approximately $956,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in SoundHound AI by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after purchasing an additional 1,909,868 shares in the last quarter. Rakuten Securities Inc. raised its stake in SoundHound AI by 877.9% in the fourth quarter. Rakuten Securities Inc. now owns 333,605 shares of the company’s stock valued at $3,326,000 after purchasing an additional 299,492 shares in the last quarter. Clear Street Group Inc. purchased a new stake in SoundHound AI in the third quarter valued at approximately $12,944,000. UBS Group AG raised its stake in SoundHound AI by 77.6% in the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after purchasing an additional 2,676,707 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in SoundHound AI by 140.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 266,576 shares of the company’s stock valued at $2,826,000 after purchasing an additional 155,743 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

SOUN stock opened at $7.39 on Monday. The company has a market capitalization of $3.20 billion, a PE ratio of -15.72 and a beta of 2.56. SoundHound AI, Inc. has a one year low of $5.83 and a one year high of $22.17. The company’s 50 day moving average price is $7.84 and its two-hundred day moving average price is $9.07.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $42.56 million. SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company’s revenue was up 51.7% compared to the same quarter last year. During the same period last year, the business posted ($0.06) earnings per share. On average, research analysts predict that SoundHound AI, Inc. will post -0.45 EPS for the current year.

Insider Buying and Selling

In related news, SVP Majid Emami sold 31,019 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $210,619.01. Following the transaction, the senior vice president directly owned 501,826 shares of the company’s stock, valued at $3,407,398.54. The trade was a 5.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Michael Zagorsek sold 52,968 shares of SoundHound AI stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $359,652.72. Following the completion of the transaction, the chief operating officer directly owned 1,734,491 shares in the company, valued at approximately $11,777,193.89. The trade was a 2.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 307,973 shares of company stock valued at $2,091,110 over the last quarter. Company insiders own 8.84% of the company’s stock.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of recent analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a research note on Wednesday, April 22nd. Piper Sandler reissued a “neutral” rating and set a $9.00 price target (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. HC Wainwright decreased their price target on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $14.93.

SoundHound AI Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.