Private Advisor Group LLC Sells 150,666 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Private Advisor Group LLC lessened its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 47.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 164,018 shares of the company’s stock after selling 150,666 shares during the quarter. Private Advisor Group LLC’s holdings in SoundHound AI were worth $3,254,000 at the end of the most recent reporting period.

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

SoundHound AI Trading Down 5.5 %

Shares of SOUN opened at $10.31 on Monday. The firm has a 50 day moving average price of $16.24 and a 200-day moving average price of $9.79. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.56.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

Insider Activity

In other news, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 sale, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,722,918 shares of company stock valued at $44,935,943. Insiders own 12.28% of the company’s stock.

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.