Wedbush Securities Inc. Sells 17,790 Shares of SoundHound AI, Inc. $SOUN

Wedbush Securities Inc. trimmed its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 13.6% during the second quarter, Holdings Channel reports. The institutional investor owned 112,609 shares of the company’s stock after selling 17,790 shares during the quarter. Wedbush Securities Inc.’s holdings in SoundHound AI were worth $1,208,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. AlphaQuest LLC bought a new stake in SoundHound AI during the first quarter worth $32,000. Huntington National Bank increased its holdings in 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 during the period. Kozak & Associates Inc. lifted its stake in SoundHound AI by 6,249.0% in the 2nd quarter. Kozak & Associates Inc. now owns 3,238 shares of the company’s stock worth $35,000 after purchasing an additional 3,187 shares in the last quarter. Quarry LP boosted its holdings in SoundHound AI by 1,552.7% in the 1st quarter. Quarry LP now owns 5,272 shares of the company’s stock valued at $43,000 after purchasing an additional 4,953 shares during the period. Finally, Larson Financial Group LLC increased its holdings in shares of SoundHound AI by 72.7% in the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company’s stock worth $57,000 after purchasing an additional 2,959 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,523 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $2,216,368.00. Following the transaction, the chief executive officer directly owned 2,461,267 shares in the company, valued at approximately $39,380,272. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 70,524 shares of the stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the completion of the transaction, the chief technology officer directly owned 606,525 shares of the company’s stock, valued at approximately $12,130,500. This trade represents a 10.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 785,917 shares of company stock worth $13,955,610 over the last quarter. 9.17% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. HC Wainwright increased their price target on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Oppenheimer initiated coverage on SoundHound AI in a research report on Thursday, September 11th. They set a “market perform” rating on the stock. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective on the stock in a report on Friday, August 8th. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and upped their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. Finally, Wedbush reissued an “outperform” rating and set a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.93.

SoundHound AI Price Performance

SOUN stock opened at $14.14 on Monday. The company has a market cap of $5.76 billion, a price-to-earnings ratio of -16.83 and a beta of 2.60. 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 moving average price of $16.67 and a 200 day moving average price of $13.01.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly 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. SoundHound AI had a negative return on equity of 100.07% 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 previous year, the firm posted ($0.04) EPS. The firm’s revenue for the quarter was up 67.6% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

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.