Bleakley Financial Group LLC Has $206,000 Position in SoundHound AI, Inc. $SOUN

Bleakley Financial Group LLC lowered its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 74.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,039 shares of the company’s stock after selling 87,249 shares during the period. Bleakley Financial Group LLC’s holdings in SoundHound AI were worth $206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SOUN. Royal Bank of Canada raised its position in shares of SoundHound AI by 71.3% during the first quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock worth $1,301,000 after purchasing an additional 66,714 shares during the period. Integrated Wealth Concepts LLC increased its stake in SoundHound AI by 8.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock valued at $119,000 after purchasing an additional 1,201 shares in the last quarter. NewEdge Advisors LLC increased its stake in SoundHound AI by 12.9% during the 1st quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock valued at $333,000 after purchasing an additional 4,692 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in SoundHound AI by 69.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after buying an additional 1,085,473 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in SoundHound AI by 10.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock worth $5,620,000 after buying an additional 63,398 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

SoundHound AI stock opened at $6.26 on Monday. SoundHound AI, Inc. has a fifty-two week low of $5.83 and a fifty-two week high of $22.17. The firm’s 50-day simple moving average is $7.37 and its 200 day simple moving average is $8.06. The stock has a market cap of $2.71 billion, a PE ratio of -13.32 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last posted its 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). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The firm had revenue of $44.20 million for the quarter, compared to the consensus estimate of $42.56 million. During the same period in the prior year, the business earned ($0.06) EPS. SoundHound AI’s quarterly revenue was up 51.7% compared to the same quarter last year. As a group, analysts predict that SoundHound AI, Inc. will post -0.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. DA Davidson restated a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. One 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.93.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 18,802 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $140,262.92. Following the transaction, the chief technology officer owned 502,290 shares of the company’s stock, valued at approximately $3,747,083.40. The trade was a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Keyvan Mohajer sold 126,540 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 value of $943,988.40. Following the sale, the chief executive officer directly owned 1,947,237 shares of the company’s stock, valued at approximately $14,526,388.02. This represents a 6.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 in the last ninety days. Insiders own 8.84% of the company’s stock.

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.