Good Life Advisors LLC Sells 29,521 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Good Life Advisors LLC decreased its stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 35.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,354 shares of the company’s stock after selling 29,521 shares during the period. Good Life Advisors LLC’s holdings in SoundHound AI were worth $1,059,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SOUN. Blue Trust Inc. boosted its position in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC lifted its stake in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI in the fourth quarter worth $40,000. Finally, Farther Finance Advisors LLC raised its holdings in SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $11.07 on Thursday. The company has a 50 day moving average of $16.43 and a 200 day moving average of $9.66. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a twelve month low of $3.46 and a twelve month high of $24.98. The firm has a market cap of $4.35 billion, a P/E ratio of -30.75 and a beta of 2.56.

Insiders Place Their Bets

In other news, VP Majid Emami sold 37,459 shares of SoundHound AI stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James Ming Hom sold 36,771 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $746,451.30. Following the transaction, the insider now owns 718,040 shares in the company, valued at approximately $14,576,212. This trade represents a 4.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,752,918 shares of company stock valued at $45,176,843. Corporate insiders own 12.28% of the company’s stock.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent research reports. Northland Securities upped their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.36.

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.