SG Americas Securities LLC Invests $1.61 Million in SoundHound AI, Inc. $SOUN

SG Americas Securities LLC bought a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 233,769 shares of the company’s stock, valued at approximately $1,606,000. SG Americas Securities LLC owned approximately 0.06% of SoundHound AI as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of SoundHound AI by 83.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,060 shares in the last quarter. Dogwood Wealth Management LLC boosted its holdings in SoundHound AI by 152.1% during the fourth quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock worth $26,000 after purchasing an additional 1,544 shares during the last quarter. Danske Bank A S acquired a new position in shares of SoundHound AI during the 3rd quarter worth about $26,000. SHP Wealth Management acquired a new position in SoundHound AI during the fourth quarter valued at approximately $27,000. Finally, Vermillion Wealth Management Inc. boosted its holdings in shares of SoundHound AI by 5,164.8% in the 4th quarter. Vermillion Wealth Management Inc. now owns 4,791 shares of the company’s stock valued at $48,000 after buying an additional 4,700 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Trading Down 1.8%

SoundHound AI stock opened at $6.56 on Friday. The stock has a 50-day moving average price of $7.79 and a two-hundred day moving average price of $8.39. The company has a market capitalization of $2.84 billion, a PE ratio of -13.96 and a beta of 2.62. SoundHound AI, Inc. has a 12 month low of $5.83 and a 12 month high of $22.17.

SoundHound AI (NASDAQ:SOUN) last posted its 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 business had revenue of $44.20 million for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned ($0.06) earnings per share. As a group, analysts predict that SoundHound AI, Inc. will post -0.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, COO Michael Zagorsek sold 64,994 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $484,855.24. Following the sale, the chief operating officer directly owned 1,669,497 shares in the company, valued at $12,454,447.62. This represents a 3.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Ming Hom sold 28,843 shares of the company’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 completion of the sale, the insider directly owned 743,521 shares in the company, valued at approximately $5,546,666.66. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 268,022 shares of company stock valued at $1,999,444 over the last three months. Insiders own 8.84% of the company’s stock.

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.