SoundHound AI, Inc. $SOUN Holdings Trimmed by First Trust Advisors LP

First Trust Advisors LP reduced its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 20.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,115,484 shares of the company’s stock after selling 293,790 shares during the period. First Trust Advisors LP’s holdings in SoundHound AI were worth $7,663,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in SoundHound AI by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after buying an additional 1,909,868 shares during the period. Rakuten Securities Inc. boosted its position in SoundHound AI by 877.9% during the 4th quarter. Rakuten Securities Inc. now owns 333,605 shares of the company’s stock worth $3,326,000 after acquiring an additional 299,492 shares during the period. UBS Group AG grew its stake in SoundHound AI by 77.6% during the 4th quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after acquiring an additional 2,676,707 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in SoundHound AI by 140.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 266,576 shares of the company’s stock valued at $2,826,000 after acquiring an additional 155,743 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of SoundHound AI by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock valued at $91,543,000 after purchasing an additional 273,097 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

Shares of SOUN stock opened at $6.13 on Friday. SoundHound AI, Inc. has a fifty-two week low of $5.65 and a fifty-two week high of $22.17. The stock’s 50-day moving average is $6.95 and its two-hundred day moving average is $7.76. The firm has a market cap of $2.65 billion, a P/E ratio of -13.04 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm 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 firm’s revenue for the quarter was up 51.7% on a year-over-year basis. During the same period last year, the business earned ($0.06) earnings per share. As a group, research analysts expect that SoundHound AI, Inc. will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a research report on Monday, June 15th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, DA Davidson reiterated a “buy” rating and issued a $14.00 price objective on shares of SoundHound AI in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.93.

Insider Activity

In other news, COO Michael Zagorsek sold 64,994 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $484,855.24. Following the transaction, the chief operating officer owned 1,669,497 shares in the company, valued at $12,454,447.62. This represents a 3.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 28,843 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $215,168.78. Following the transaction, the senior vice president owned 472,983 shares in the company, valued at $3,528,453.18. This represents a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 268,022 shares of company stock valued at $1,999,444. 8.84% of the stock is currently owned by company insiders.

About SoundHound AI

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.