Genesee Capital Advisors LLC Purchases 9,141 Shares of SoundHound AI, Inc. $SOUN

Genesee Capital Advisors LLC increased its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 45.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,159 shares of the company’s stock after purchasing an additional 9,141 shares during the period. Genesee Capital Advisors LLC’s holdings in SoundHound AI were worth $313,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Janney Montgomery Scott LLC increased its position in shares of SoundHound AI by 4.0% during the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock valued at $248,000 after purchasing an additional 880 shares during the period. Apexium Financial LP raised its stake in SoundHound AI by 2.8% during the second quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock worth $394,000 after acquiring an additional 1,000 shares in the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of SoundHound AI by 9.6% during the second quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company’s stock valued at $123,000 after acquiring an additional 1,000 shares during the period. Allworth Financial LP lifted its holdings in shares of SoundHound AI by 11.6% during the first quarter. Allworth Financial LP now owns 11,062 shares of the company’s stock valued at $90,000 after acquiring an additional 1,153 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of SoundHound AI by 8.9% in 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. 19.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SOUN has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of SoundHound AI from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a research note on Saturday, September 27th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a “neutral” rating to a “buy” rating and boosted their target price for the company from $9.00 to $16.00 in a research note on Monday, August 11th. DA Davidson boosted their target price on shares of SoundHound AI from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Finally, HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of SoundHound AI in a research note on Wednesday, September 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.36.

Insider Activity at SoundHound AI

In related news, COO Michael Zagorsek sold 69,837 shares of the firm’s 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 transaction, the chief operating officer owned 1,860,790 shares in the company, valued at $29,772,640. This trade represents a 3.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nitesh Sharan sold 126,596 shares of the firm’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.58, for a total value of $2,098,961.68. Following the completion of the transaction, the chief financial officer owned 1,796,304 shares in the company, valued at approximately $29,782,720.32. This represents a 6.58% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 725,541 shares of company stock valued at $12,675,035. 9.17% of the stock is currently owned by company insiders.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $17.36 on Monday. The stock’s fifty day moving average is $14.80 and its 200-day moving average is $11.61. The stock has a market capitalization of $7.08 billion, a PE ratio of -27.56 and a beta of 2.60. SoundHound AI, Inc. has a 52 week low of $4.74 and a 52 week high of $24.98.

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

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.