Mirae Asset Global Investments Co. Ltd. Trims Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,092 shares of the company’s stock after selling 2,296 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in SoundHound AI were worth $163,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. Baupost Group LLC MA acquired a new position in SoundHound AI in the 1st quarter valued at $6,659,000. Bank of New York Mellon Corp raised its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares during the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI in the 3rd quarter worth $4,193,000. Finally, Janus Henderson Group PLC boosted its holdings in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities increased their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Performance

SOUN opened at $5.09 on Tuesday. SoundHound AI, Inc. has a one year low of $1.61 and a one year high of $10.25. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -13.05 and a beta of 2.71. The business’s fifty day moving average is $4.95 and its two-hundred day moving average is $4.80.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s revenue was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.10) EPS. On average, analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is owned by corporate insiders.

About SoundHound AI

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.