Tocqueville Asset Management Boosts Stake in SoundHound AI Amid Promising Growth and Investor Interest

Tocqueville Asset Management L.P. has expanded its investment in SoundHound AI, Inc. (SOUN), now boasting ownership of over a million shares. This significant increase reflects a 75.9% rise from the previous quarter, demonstrating the firm’s growing confidence in the AI company’s potential.

SoundHound AI has recently reported earnings per share of ($0.10), exceeding analysts’ consensus estimate by $0.02. This achievement resulted in the generation of $8.75 million in revenue. The company’s growth trajectory is looking promising, as evidenced by a 42.2% year-over-year increase in quarterly revenue, along with a predicted yearly EPS of -0.38 for the current fiscal year.

Despite Cantor Fitzgerald revising their price objective for SoundHound AI downward from $6.20 to $4.20, the financial services firm maintained an “overweight” rating on the stock, suggesting that the company’s stock is expected to outperform the market.

Several institutional investors are also demonstrating increasing interest in SoundHound AI. These include Bank of America Corp, CTC Capital Management LLC, Victory Capital Management Inc., and Virtu Financial LLC, all of which have increased their holdings. Other large investors, such as Jane Street Group LLC, have also demonstrated their confidence, by investing in the company.

However, it’s worth noting that insider transactions have seen figures like James Ming Hom and CEO Keyvan Mohajer selling shares. Despite this, insiders still own a significant 21.30% of the company’s stock.

Founded in 2005, SoundHound AI is a developer of an independent voice AI platform. The company is headquartered in Santa Clara, California. SoundHound AI’s financial health, further solidifies the company’s position as a promising investment.