SoundHound AI, Inc. $SOUN Shares Sold by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc decreased its position in SoundHound AI, Inc. (NASDAQ:SOUN) by 25.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,000 shares of the company’s stock after selling 34,300 shares during the quarter. Ensign Peak Advisors Inc’s holdings in SoundHound AI were worth $1,062,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SOUN. Huntington National Bank grew its holdings in SoundHound AI by 48.8% in the second quarter. Huntington National Bank now owns 3,050 shares of the company’s stock valued at $33,000 after purchasing an additional 1,000 shares during the period. Kozak & Associates Inc. lifted its stake in shares of SoundHound AI by 6,249.0% during the second 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. AlphaQuest LLC purchased a new position in SoundHound AI in the 1st quarter worth approximately $32,000. Quarry LP grew its holdings in SoundHound AI by 1,552.7% during 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 in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of SoundHound AI by 52.9% during the second quarter. PNC Financial Services Group Inc. now owns 6,171 shares of the company’s stock valued at $66,000 after acquiring an additional 2,136 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In other news, CFO Nitesh Sharan sold 60,376 shares of the company’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total transaction of $1,280,574.96. Following the completion of the sale, the chief financial officer owned 1,765,928 shares in the company, valued at approximately $37,455,332.88. This represents a 3.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 69,837 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $1,117,392.00. Following the sale, the chief operating officer directly owned 1,860,790 shares of the company’s stock, valued at $29,772,640. The trade was a 3.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 787,260 shares of company stock valued at $13,973,056 in the last three months. 9.17% of the stock is currently owned by company insiders.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $12.08 on Friday. The company has a market capitalization of $5.07 billion, a P/E ratio of -14.37 and a beta of 2.60. The stock’s 50 day moving average price is $16.00 and its 200 day moving average price is $13.26. SoundHound AI, Inc. has a 52 week low of $6.52 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The company had revenue of $42.05 million during the quarter, compared to the consensus estimate of $40.48 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue for the quarter was up 67.6% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SOUN. Wall Street Zen downgraded SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. LADENBURG THALM/SH SH upgraded SoundHound AI from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. Wedbush reiterated an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a research note on Thursday, September 11th. Piper Sandler lifted their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Finally, HC Wainwright lifted their price target on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. 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 given a Sell rating to the stock. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average price target of $17.42.

SoundHound AI Company Profile

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.