Wealth Management Associates Inc. Sells 3,549 Shares of SoundHound AI, Inc. $SOUN

Wealth Management Associates Inc. decreased its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,620 shares of the company’s stock after selling 3,549 shares during the period. Wealth Management Associates Inc.’s holdings in SoundHound AI were worth $1,198,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 9.5% in the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock worth $284,687,000 after acquiring an additional 3,028,281 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of SoundHound AI by 84.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock worth $40,390,000 after acquiring an additional 2,274,105 shares during the period. Northern Trust Corp grew its holdings in shares of SoundHound AI by 2.5% in the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock worth $24,190,000 after acquiring an additional 72,766 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of SoundHound AI by 4.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company’s stock worth $23,120,000 after acquiring an additional 121,568 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after acquiring an additional 1,085,473 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $17.71 on Wednesday. The company has a market capitalization of $7.22 billion, a PE ratio of -28.11 and a beta of 2.60. The business’s fifty day moving average is $16.06 and its 200 day moving average is $12.53. SoundHound AI, Inc. has a fifty-two week low of $4.97 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The business had revenue of $42.68 million during the quarter, compared to analysts’ expectations of $32.88 million. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. SoundHound AI’s revenue was up 216.3% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, COO Michael Zagorsek sold 69,837 shares of SoundHound AI stock in a transaction dated 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 approximately $29,772,640. The trade was a 3.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 70,524 shares of SoundHound AI stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $1,410,480.00. Following the completion of the sale, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. This trade represents a 10.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 785,917 shares of company stock valued at $13,955,610. Insiders own 9.17% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on SOUN. DA Davidson lifted their price objective on SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $9.00 to $16.00 in a report on Monday, August 11th. Wedbush reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. Oppenheimer initiated coverage on SoundHound AI in a report on Thursday, September 11th. They issued a “market perform” rating for the company. Finally, HC Wainwright lifted their target price on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $15.50.

SoundHound AI 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.