Swiss National Bank Purchases 47,200 Shares of SoundHound AI, Inc. $SOUN

Swiss National Bank increased its stake in SoundHound AI, Inc. by 7.2% in Q2, acquiring 47,200 shares. The bank now owns 700,100 shares, valued at $7.51 million. SoundHound AI reported better-than-expected earnings, with a quarterly revenue increase of 67.6% year-over-year. Analysts have mixed ratings, with Piper Sandler raising its price target to $15, while Wall Street Zen downgraded it to "sell."

Swiss National Bank boosted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 7.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 700,100 shares of the company's stock after acquiring an additional 47,200 shares during the quarter. Swiss National Bank owned 0.17% of SoundHound AI worth $7,512,000 at the end of the most recent reporting period.

SoundHound Beat Earnings & Dropped—Here's What Wall Street Missed

Other institutional investors and hedge funds have also bought and sold shares of the company. Handelsbanken Fonder AB purchased a new stake in shares of SoundHound AI during the 2nd quarter valued at about $954,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in SoundHound AI during the second quarter valued at approximately $203,000. Rockefeller Capital Management L.P. increased its holdings in SoundHound AI by 1,595.0% during the second quarter. Rockefeller Capital Management L.P. now owns 674,541 shares of the company's stock valued at $7,238,000 after buying an additional 634,744 shares during the last quarter. Cetera Investment Advisers raised its position in SoundHound AI by 18.8% in the second quarter. Cetera Investment Advisers now owns 160,937 shares of the company's stock worth $1,727,000 after acquiring an additional 25,423 shares during the period. Finally, Creative Planning raised its position in SoundHound AI by 11.4% in the second quarter. Creative Planning now owns 90,218 shares of the company's stock worth $968,000 after acquiring an additional 9,237 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

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SoundHound AI Stock Performance

NASDAQ SOUN opened at $12.08 on Monday. The company has a market capitalization of $5.07 billion, a P/E ratio of -14.37 and a beta of 2.63. SoundHound AI, Inc. has a one year low of $6.52 and a one year high of $24.98. The stock has a 50 day moving average price of $16.00 and a 200-day moving average price of $13.27.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share 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 for the quarter, compared to analysts' expectations of $40.48 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. SoundHound AI's quarterly revenue was up 67.6% on a year-over-year basis. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, CTO Timothy Stonehocker sold 70,524 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the sale, the chief technology officer owned 606,525 shares in the company, valued at approximately $12,130,500. This represents a 10.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Michael Zagorsek sold 69,837 shares of the firm's stock in a transaction 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 completion of the sale, the chief operating officer owned 1,860,790 shares of the company's stock, valued at approximately $29,772,640. This represents a 3.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 787,260 shares of company stock worth $13,973,056. 9.17% of the stock is owned by insiders.

Analyst Ratings Changes

The Melt-Up in SoundHound AI Isn’t Over By a Long Shot

A number of equities research analysts have recently issued reports on the stock. Piper Sandler boosted their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the company a "neutral" rating in a research report on Friday, November 7th. Wedbush reissued an "outperform" rating and set a $16.00 price target on shares of SoundHound AI in a report on Thursday, September 11th. Wall Street Zen downgraded SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Finally, Oppenheimer began coverage on SoundHound AI in a research note on Thursday, September 11th. They set a "market perform" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.42.

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About SoundHound AI

(Free Report)

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.

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