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

Good Life Advisors LLC trimmed its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 35.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 53,354 shares of the company’s stock after selling 29,521 shares during the quarter. Good Life Advisors LLC’s holdings in SoundHound AI were worth $1,059,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SOUN. Kieckhefer Group LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at $3,432,000. Charles Schwab Investment Management Inc. grew its holdings in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI in the fourth quarter worth about $8,964,000. Geode Capital Management LLC raised its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the period. Finally, Wealth Effects LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at about $357,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SoundHound AI

In other news, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $31,308,092.50. The trade was a 15.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eric R. Ball sold 30,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the transaction, the director now directly owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,752,918 shares of company stock valued at $45,176,843. Insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

SOUN opened at $11.07 on Thursday. SoundHound AI, Inc. has a fifty-two week low of $3.46 and a fifty-two week high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a fifty day moving average of $16.43 and a 200 day moving average of $9.66. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of -30.75 and a beta of 2.56.

Analyst Ratings Changes

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

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.